21/04/2026

BIZ & FINANCE TUESDAY | APR 21, 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

1.27b e-invoice transactions recorded to date: Liew KUALA LUMPUR: The implementation of the e-Invoice system in Malaysia has recorded more than 1.27 billion transactions to date, said Deputy Finance Minister Liew Chin Tong. Of the total, it involved the participation of more than 224,831 taxpayers nationwide, including those from micro, small and medium enterprises (MSMEs), he said. “E-invoice is a major initiative that is expected to act as a catalyst for business growth and transformation. “Therefore, I hope the Inland Revenue Board (LHDN) can invest more to make the LHDN system more comfortable for everyone to use,“ he told reporters after launching the MSME and e-Invoice Carnival here yesterday. Liew said LHDN also needs to continue investing in information and communication technology (ICT) infrastructure to ensure its technology is always up to date. “I hope that the e-POS system can be utilised well in terms of technology so that all businesses can use it as the basis for their respective digitalisation. “The e-POS e-Invoice system can now be obtained for free by businesses with revenues of RM5 million and below,” he said. Meanwhile, LHDN CEO Datuk Dr Abu Tariq Jamaluddin expects the involvement of 130,000 taxpayers from the MSME category to be involved in the fourth phase of the e-Invoice implementation. He also said the MSME and e-Invoice Carnival can provide support to PMKS, especially in relation to business development and business digitalisation as well as intensifying promotion and educating businesses towards the implementation of e-Invoicing. – Bernama

Ringgit ends marginally lower against greenback

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

THE ringgit ended marginally lower against the US dollar yesterday, remaining in a tight range as markets kept a close watch on developments in West Asia. At 6pm, the local note stood at 3.9515/9555 against the greenback, compared with 3.9505/9545 on Friday. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit oscillated between 3.9515 and 3.9583, with geopolitical tensions continuing to dominate sentiment. The US dollar earlier rose to a one-week high, with the Dollar Index recovering recent losses to 98.47, while the ringgit continued to trade within a narrow band. “Uncertainties over peace talks between the United States and Iran, as well as the reopening of the Strait of Hormuz, continue to cloud sentiment among traders and investors. WTI and Brent crude prices were up 7.10% and 6.02%, at US$89.80 and US$95.82 per barrel respectively,” he told Bernama. At the close, the ringgit traded mostly higher against a basket of major currencies. It strengthened against the British pound to 5.3412/3466 from 5.3454/3508 at Friday’s close, rose against the euro to 4.6489/6536 from 4.6588/6635, but eased versus the Japanese yen to 2.4863/4890 from 2.4838/4865. It slipped against the Singapore dollar to 3.1077/1111 from 3.1053/1086, and edged down against the Indonesian rupiah to 230.1/230.5 from 229.8/230.1. The ringgit was little changed against the Thai baht at 12.3127/3313 versus 12.3084/3274, and was steady against the Philippine peso at 6.58/6.60 compared with 6.58/6.59 previously.

1 US Dollar

4.0260 2.8840 3.1560 2.9290 4.7240 2.3670 3.1560 5.4230 5.1630 3.3330 59.2700 64.8000 51.7900 4.4300 0.0244 2.5450 43.9100 1.5000 6.8300 111.2500 108.1300 25.3600 1.3400 45.1100 13.1000 110.5400 N/A

3.8780 2.7660 3.0560 2.8460 4.5680 2.2790 3.0560 5.2460 4.9390

3.8680 2.7500 3.0480 2.8340 4.5480 2.2630 3.0480 5.2260 4.9240

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

104.7400 3.1000 56.7200 59.5800 49.1800

104.5400 2.9000 59.3800 48.9800 3.9100 0.0166 2.4160 40.1500 1.1400 6.2200 105.4100 102.4500 22.7000 0.9700 40.8200 11.2100 N/A N/A

4.1100 0.0216 2.4260

N/A

40.3500 1.3400 6.4200 105.6100 102.6500 22.9000 1.1700 41.0200 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

MN Holdings Bhd Buy. Target price: RM2.59

Gamuda Bhd Buy. Target price: RM6.64

REITs Sector Overweight

April 20, 2026: RM2.11

April 20, 2026: RM4.40

Source: Bloomberg, RHB Research

Source: Bloomberg, Phillip Capital Research

Source: Bloomberg, Phillip Capital Research

M-REITS remain one of the more defensible sectors in a scenario of prolonged global geopolitical tensions - supported by stable income streams, domestic-centric exposure, and limited direct sensitivity to energy price shocks. In a more volatile market environment, REITs continue to offer an attractive yield proposition. This is underpinned by resilient cash flows and strong distribution visibility, given their high mandatory payout structure. We expect near-term sector fundamentals to remain intact, supported by high occupancy levels and stable rental reversions. Based on recent ground checks with management teams, tenancy demand and leasing enquiries remain healthy, with less pressure in reversion negotiations this year relative to 2025, when the expansion of the 8% Sales & Service Tax (SST) on rental services was introduced (now revised down to 6% effective Jan 2026). At the macroeconomic level, the RHB Economics team views Malaysia as among the least negatively affected economies. Malaysia’s reliance on Middle East crude oil imports is balanced by its position as an oil producer with refining capacity, supporting a relatively resilient economic outlook. As such, financing conditions should also remain supportive, with the Overnight Policy Rate (OPR) projected to remain steady at 2.75% in 2026. This should continue to provide a favourable financing environment for the sector. Our sector Top Pick is AME REIT, given its the structural growth in demand in Johor and high mark-to-market renewals. Key risks are yield spread compression, higher-than-expected inflation, and macroeconomic shocks from persistently high energy prices. Maintain OVERWEIGHT. – RHB Research, April 20

GAMUDA, via its wholly owned subsidiary Gamuda Engineering Sdn Bhd, has secured a RM1.7bn contract from a US-based multinational technology company for the construction of a hyperscale data centre in Port Dickson. The project is scheduled to commence in 2Q26 and completed by 1Q28. The scope of works includes the construction of a single-storey hyperscale DC facility, including site infrastructure works, core and shell construction, and mechanical, electrical, and plumbing (MEP) fit-out. We estimate the project to deliver 8% pre-tax margin, translating to RM138m in PBT over the project duration, in line with Gamuda’s typical overseas infrastructure projects. Including this win, FY26E YTD contract wins amount to RM13.4bn, representing 67% of our FY26E replenishment assumption of RM20bn. The group’s outstanding order book now stands at RM45.5bn, with DC exposure making up 10% of the total. Taken together, Gamuda is on track to achieve its end-CY26 target of RM50bn, with long-term DC order replenishment prospects remain intact. We estimate RM180bn worth of construction value, based on an assumption of US$7m/MW of Malaysia’s total DC capacity pipeline of 5GW through 2030. Elsewhere, we anticipate further contract wins to be driven by a robust pipeline of Penang LRT system packages, myriad Malaysian and Australian RE packages, and MRT projects in Taiwan. We continue to like Gamuda for its strong track record in executing infrastructure projects and rising exposure to data centre projects. Reiterate BUY with RM6.64 TP. – Phillip Capital Research, April 20

MN Holdings has announced that its wholly owned subsidiary, MN Utilities Engineering Sdn Bhd (MNUESB), has accepted a Purchase Order (PO) totalling RM276m in contract value. The contract covers the design, supply, installation, maintenance, testing and commissioning of a 275kV CLS for a data centre in Negeri Sembilan. The project commenced in April 26 and will be executed in two phases, with completion targeted by June 27. Including this win, MN has secured RM1.1bn in new contracts in FY26, representing 125% of our FY26E replenishment assumption of RM900m. This lifts its outstanding order book to RM1.6bn, of which 70% is attributable to DC-related projects, providing strong earnings visibility through FY27E. Assuming a 10% PAT margin, we estimate this contract to contribute RM28m in PAT, with the bulk of recognition in 1HFY27. As such, we make no changes to our earnings forecasts. Notably, this marks MN’s first contract secured from a new DC customer, with the tender to-award cycle completed in less than a month. We view this as a strong validation of MN’s execution capabilities and growing reputation in the CLS space, while also diversifying its customer base beyond existing clients. Meanwhile, MN’s tender book remains robust at RM2.6bn, led by TNB-related projects (56%), followed by DCs (14%), solar (14%), water & sewerage (2%), gas pipelines (1%), and other segments (13%). We continue to like MN as a proxy for Malaysia’s expanding power infrastructure with strategic exposure in the rapidly growing DC and solar sectors. Maintain BUY and RM2.59 TP. – Phillip Capital Research, April 20