24/04/2026

BIZ & FINANCE FRIDAY | APR 24, 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

Leform, Nippon Steel Trading in pact to maximise synergies KUALA LUMPUR: Leform Bhd, a homegrown steel pipes and flat steel products specialist, signed a MoU with Nippon Steel Trading (NST) Corporation and its Malaysian subsidiary NST Trading Malaysia Sdn Bhd, to establish a collaborative framework aimed at maximising synergies across their respective businesses. The MoU provides a formal framework for collaboration between Leform and Nippon Steel, focusing on strengthening the working relationship through closer coordination across business activities. It sets the foundation for both parties to explore opportunities, support mutual growth, and enhance overall business development. This collaboration further reinforces the positive momentum arising from the group’s private placement with NST Trading, underscoring market confidence in Leform’s strategic direction and strengthening its capacity to deliver on its growth initiatives. Leveraging NST Trading’s global expertise, established network and diversified capabilities, the partnership is expected to enhance Leform’s operational standing and support the creation of sustainable long-term value. Leform managing director Law Kok Thye said this collaboration represents a meaningful step forward for Leform, strengthening its strategic position and enhancing its ability to capture new growth opportunities. “By leveraging NST Trading’s expertise and network, we are well-positioned to drive operational excellence and deliver sustainable long-term value,” he said.

THE ringgit ended mixed against a basket of currencies yesterday, as investors continued to buy safe-haven assets. At 6pm, the ringgit eased to 3.9630/9670 against the greenback, compared with 3.9510/9550 at the close on Wednesday. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said emerging market currencies were also weaker against the US dollar, noting that the local currency had depreciated by 0.29% to RM3.9645 in the early session. He noted that the deadlock between the US and Iran has persisted, with prospects for renewed talks fading. Hence, he said developments in West Asia will remain a key focus, as they will shape traders’ and investors’ risk appetite. “It seems that it is going to be defensive mode and therefore, the US dollar could gain some traction,” he told Bernama. At the close, the ringgit traded mostly lower against a basket of major currencies. It strengthened against the euro to 4.6343/6390 from 4.6408/6455 at the close on Wednesday, but slid versus the Japanese yen to 2.4809/4836 from 2.4794/4821 on Wednesday and dipped against the British pound to 5.3504/3558 from 5.3414/3468 previously. At the same time, the local currency traded mostly higher against regional peers. It fell against the Singapore dollar to 3.1041/1075 from 3.1030/1063 on Wednesday, but strengthened against the Thai baht to 12.2066/2242 from 12.2717/2902 previously. The ringgit rose against the Indonesian rupiah to 229.2/229.5 from 229.9/230.2 at the close on Wednesday and inched up against the Philippine peso to 6.55/6.56 from 6.57/6.58 on Wednesday. Ringgit mixed on continued interest in safe-haven assets

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0280 2.8930 3.1510 2.9380 4.7090 2.3820 3.1510 5.4330 5.1550 3.3470 59.2100 64.6000 51.8100 4.3700 0.0245 2.5420 44.3400 1.5000 6.7700 111.4200 108.2300 25.2900 1.3300 44.9500 13.0000 110.6200 N/A

3.8820 2.7760 3.0510 2.8560 4.5560 2.2930 3.0510 5.2580 4.9350 3.1040 56.6900 59.4300 49.2200 4.0600 0.0216 2.4250 40.7800 1.3400 6.3700 105.7700 102.7500 22.8400 1.1600 40.9300 11.5200 104.8500 N/A

3.8720 2.7600 3.0430 2.8440 4.5360 2.2770 3.0430 5.2380 4.9200

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

104.6500

2.9040

N/A

59.2300 49.0200 3.8600 0.0166 2.4150 40.5800 1.1400 6.1700 105.5700 102.5500 22.6400 0.9600 40.7300 11.1200 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

CapitaLand Malaysia Trust Buy. Target price: RM0.79

Transportation Overweight

AME REIT Buy. Target price: RM1.95

April 23, 2026: RM0.625

April 23, 2026: RM1.66

Source: Bloomberg

Source: Maybank Investment Bank

Source: Company data, RHB

CLMT is a diversified REIT sponsored by CapitaLand Investment Ltd (CLI), investing in retail, logistics and industrial assets across key urban centres. As at March 2026, CLMT owns six retail and nine industrial/logistics properties, totaling 4.7 million sq ft NLA with a portfolio value of RM5.5 billion. Gross revenue rose 5.8% YoY to RM127.4 million while NPI grew a stronger 14.7% YoY to RM80.4 million, driven by higher contributions from East Coast Mall and newly acquired logistics assets, as well as lower property operating expenses (-6.6% YoY) mainly due to reduced utilities cost. Distributable income jumped 22.7% YoY to RM45.8 million. Operationally, occupancy remained stable at 94.7% (FY25: 94.9%), with positive rental reversion of 12.4% and higher shopper traffic (+7.1% YoY) supporting leasing momentum. Growth was also supported by festive-driven retail activity and contributions from FY25 acquisitions. Management remains cautiously optimistic amid macro uncertainties. Retail fundamentals are supported by stable occupancy and ongoing tenant remixing (including supermarket upgrades and AEIs at The Mines), though utilities remain a key cost watchpoint (24% of opex, 14% of NPI), benefiting from electricity rebates in Q1, although visibility on tariffs remains limited with potential normalization in 2H’26. Any cost pass-through to tenants will depend on the magnitude of tariff changes. Leasing for Johor industrial assets is progressing, while consumer spending has shown mild post-festive softening, albeit not alarming. BUY with RM0.79 TP. – Maybank Investment Bank, April 23

FY26 core earnings of RM44.3 million (+13% YoY) came in at 99% and 102% of our and consensus forecasts, while FY26 DPU came in at 8.3 sen (FY25: 7.4 sen). Gearing increased to 29% (FY25: 23%) following debt-funded acquisitions but remains within a comfortable range, with a RM215 million headroom for further inorganic growth. FY26 revenue grew 22% YoY to RM62.3 million, mainly driven by contributions from six newly acquired industrial properties completed over the past 12 months, on top of assets’ full occupancy rates and positive rental reversions. NPI margin remained resilient at 91%. Separately, headline earnings were boosted by a RM86 million revaluation spike in FY26, which lifted NAV per unit to RM1.26 (FY25: RM1.12). We remain positive on AME REIT’s growth outlook, supported by resilient underlying fundamentals and continued inorganic expansion. We expect occupancy to remain near-full, underpinned by sustained demand for its Johor industrial portfolio while organic growth should be driven by further rental catch-up as legacy leases signed at lower rates are progressively repriced. Management continues to guide for 10-20% rental reversion every three years, and recent ground checks suggest Johor industrial demand remains intact despite external uncertainties. On top of this, we see the JS-SEZ as a medium-term structural tailwind, reinforcing Johor’s appeal as a manufacturing and logistics hub. On inorganic growth, management reaffirmed its RM100 million annual acquisition ambition, with FY27 acquisitions likely to be skewed towards third-party assets. BUY with RM1.95 TP. – RHB Research, April 23

WESTPORTS has minimal direct exposure to the Middle East war, as only 5% of its container volume is exposed to the region. Notably, some liners are diverting cargo at alternative hubs like Westports due to the Strait of Hormuz’s limits. However, the group is strictly refusing boxes with unclear final destinations, keeping yard density at a healthy 70-80% level to avoid congestion. Hence, Westports remains shielded by its strategic focus on intra-Asia trade, which is the single largest contributor (62%) of its FY25 total container volumes. Meanwhile, two new warehouses commencing in April and June will provide an additional 500k TEUs pa. We maintain Westports’ container volume growth forecast at 4.5%, in line with RHB economists’ unchanged Malaysia’s GDP growth forecast of 4.7% in 2026. Notably, Westports’ container volume growth has exhibited a strong positive correlation (0.89) with Malaysia’s GDP growth over the 2010-2024 period. RHB economists expect the growth to be supported by resilient domestic demand and E&E exports. Also, Malaysia appears to be the least affected among Asean economies under the current conflict scenario. Top Picks: Westports and TASCO. We continue to favour Westports for its: i) Solid earnings growth trajectory, underpinned by sequential tariff increases; ii) resilient container volume growth, supported by its strong 0.89 correlation with national GDP and stable intra-Asia trade flows; and iii) the Westports 2 expansion, which serves as a long-term catalyst to alleviate current utilisation constraints. – RHB Research, April 23