17/04/2026

BIZ & FINANCE FRIDAY | APR 17, 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

ITMAX wins RM603.5m JB deal for AI-driven surveillance systems KUALA LUMPUR: ITMAX System Bhd, an artificial intelligence (AI)-powered integrated digital infrastructure service provider, announced that its subsidiary Southmax Sdn Bhd has been awarded a RM603.5 million variation order (VO) from Johor Bahru City Council (MBJB). Under this VO, ITMAX will undertake the deployment of additional AI-driven surveillance systems across Johor Bahru with 15 artificial intelligence features. The VO will span 240 months. ITMAX System managing director and CEO William Tan Wei Lun said the group is pleased to have secured this VO from MBJB, marking a significant step towards further strengthening its long-term partnership. “This award reinforces ITMAX’s capability in delivering reliable, AI-powered smart city solutions at scale. The expansion of CCTV deployment, enhanced with 15 advanced AI features, will further improve real-time intelligence, operational efficiency, and public safety across Johor Bahru. “In addition, our collaboration with MBJB on the development of a digital twin solution is expected to enhance urban planning capabilities and enable more data-driven decision-making. “This includes leveraging our in-house developed traffic and city simulation engine, which allows authorities to model, predict, and optimise traffic flow and urban planning scenarios in a virtual environment. “We remain committed to supporting Johor’s smart city transformation and delivering long-term value through our integrated digital infrastructure solutions,“ he said.

THE ringgit rebounded to close higher against the US dollar yesterday ahead of the release of Malaysia’s advance GDP estimates for the first quarter of 2026 (Q1’26) due today. At 6pm yesterday, the local currency rose to 3.9520/9560 versus the greenback from 3.9550/9600 at Wednesday’s close. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the Malaysian economy is likely to record respectable growth with a consensus estimate of 5.5% for Q1’26. Meanwhile, IPPFA Sdn Bhd investment strategy director and country economist Mohd Sedek Jantan said the higher ringgit is also supported by firm global risk sentiment that has begun to weigh on the greenback. At the close, the ringgit traded higher against a basket of major currencies. It strengthened versus the British pound to 5.3506/3560 from 5.3614/3682 at Wednesday’s close, it gained vis-a-vis the euro to 4.6551/6598 from 4.6594/6653 on Wednesday, and increased against the Japanese yen to 2.4848/4874 from 2.4890/4923 previously. The local currency traded mixed against its Asean peers. It climbed versus the Singapore dollar to 3.1069/1103 from 3.1095/1139 on Wednesday and inched up against the Indonesian rupiah to 230.5/230.9 from 230.7/231.0. However, the ringgit weakened against the Thai baht to 12.3473/3664 from 12.3098/3330 on Wednesday and edged down vis-a-vis the Philippine peso to 6.59/6.60 from 6.58/6.59 previously. – Bernama Ringgit gains against dollar ahead of Q1 GDP estimates

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0225 2.8930 3.1580 2.9190 4.7400 2.3800 3.1580 5.4500 5.1670 3.3270 59.2100 65.0200 51.7500 4.3900 0.0245 2.5470 43.8500 1.5000 6.7800 111.2400 108.0500 25.4000 1.3400 45.2000 13.0900 110.4400 N/A

3.8765 2.7760 3.0580 2.8380 4.5860 2.2920 3.0580 5.2750 4.9460

3.8665 2.7600 3.0500 2.8260 4.5660 2.2760 3.0500 5.2550 4.9310

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

104.7000 3.0990 56.6900 59.8200 49.1500

104.5000 2.8990 59.6200 48.9500 3.8700 0.0166 2.4190 40.1100 1.1400 6.1800 105.4000 102.3700 22.7400 0.9700 40.9500 11.2000 N/A N/A

4.0700 0.0216 2.4290

N/A

40.3100 1.3400 6.3800 105.6000 102.5700 22.9400 1.1700 41.1500 11.6000

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

LBS Bina Group Bhd Buy. Target price: RM0.54

MGB Bhd Outperform. Target price: RM0.78

Uzma Bhd Outperform. Target price: RM0.56

April16, 2026: RM0.435

April16, 2026: RM0.41

April16, 2026: RM0.48

Source: PublicInvest Research

Source: PublicInvest Research

Source: Bloomberg

LBS holds 1,136 acres of land in Johor (29% of total landbank), and has begun selectively disposing some of these assets. The proceeds of RrM110 million from the recent sale of its prime land in Johor Bahru will be redeployed into other projects, primarily Kwasa. This reflects a shift toward capital recycling, prioritising developments with higher GDV density and stronger demand visibility in the Klang Valley – given its established track record and experience in this area. Management also indicated that it remains open to further land disposals in Johor, should a similar opportunity arise at attractive valuations. Kwasa is expected to be a key medium-term catalyst for LBS. Land and infrastructure cost of RM1.2 billion, against a GDV of .RM8.3 billion, implies an attractive land cost-to-GDV ratio of 14%. More importantly, infrastructure obligations are largely handled by the master developer, allowing LBS to utilise a higher proportion of land (almost 90% efficiency vs a typical 50%) for development purposes. Management also sees this parcel as potentially being one of the last residential pieces in Kwasa, which could support the project’s scarcity value and stronger long-term marketability. LBS has raised its dividend payout ratio to 40% from 30%, starting from FY25, in a move to better align with peers. We are positive on this, as it boosts the stock’s dividend yield and signals strong capital management discipline. At a 40% payout ratio, our DPS forecast of 3.7 sen for FY26 makes for an attractive yield of 8%. Management is targeting RrM1.6 billion sales in FY26, which we believe is achievable, given bookings in hand worth RM274 million as at end-March, as well as RM2.3 billion in new launches planned for this year. BUY with RM0.54 TP. – RHB Research, April 16

UZMA, via its wholly owned subsidiary Setegap Ventures Petroleum Sdn Bhd (SVP), has secured three Coiled Tubing Unit (CTU) contracts from Petronas Carigali SB, covering operations across Sabah, Sarawak and completion packages. The contracts, spanning five years from February 2026 to February 2031, encompass a broad scope of well intervention, completion, idle well reactivation and production enhancement services within development and production phases. While contract values were not disclosed given the call-out nature of the work, we estimate a potential cumulative value of RM500–700 million over the contract duration, benchmarked against similar CTU awards secured in November 2020 and December 2022. CTU is a key equipment in well intervention operations, supporting production enhancement and well maintenance activities. It enables the delivery of fluids and chemicals directly to the bottom of the well, allowing operations such as circulation, chemical washing and nitrogen lifting to be carried out without requiring a full workover rig. CTU services span a range of applications including well cleanouts, milling and acidising, as well as selected stimulation activities, providing a cost-effective solution due to lower mobilisation requirements and the ability to operate on live wells. Post-award, we estimate Uzma’s orderbook to increase to RM4.3– 4.5 billion, translating into earnings visibility of up to five years. The contract reinforces Uzma’s position as a key well services provider to Petronas Carigali, backed by its assets, operational readiness and capability to execute complex high-pressure, high-temperature interventions. Outperform with RM0.56 TP. – PublicInvest Research, April 16

MGB has secured its second main contract in Saudi Arabia, awarded directly by ROSHN Group Company for the Marafy Al Arous Development project in Jeddah. The contract is valued at approximately SAR32.98 million (RM34.76 million) and involves construction and engineering works for 75 villa units, scheduled to commence from April 2026 and complete in eight months. This follows MGB’s first main contract in Kingdom of Saudi Arabia (KSA) (SAR400 million) from Beetah Real Estate Company in Nov 2025, and several other contracts, bringing its total contract secured value in the Kingdom to SAR613.3 million. This award, in our view, will further strengthen MGB track record in the Middle East and expand its presence under Saudi Vision 2030. We understand that ROSHN Group Company is KSA’s leading national real estate developer, is a wholly owned entity of the Public Investment Fund, one of the world’s largest sovereign wealth funds, with assets exceeding US$700 billion. Accounting for this new job win, the group’s outstanding orderbook rose by 1.8% to RM1.31 billion. Our projections show that this job would contribute about 2.9% for FY26 earnings, assuming a mid-single-digit pre-tax margins. Despite ongoing geopolitical tension in parts of the Middle East, business operations and development activities in key cities across Saudi Arabia including Riyadh, Jeddah, and Medina remain stable and continue to progress as planned. MGB is also the developer of the Kertih Terengganu Industrial Park, a prime industrial site spanning approximately 1,007 acres, strategically located on the east coast of Terengganu with excellent surrounding infrastructure. Outperform with RM0.78 TP. – PublicInvest Research, April 16