30/04/2026

BIZ & FINANCE THURSDAY | APR 30, 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

Sharp Malaysia teams up with Nojima on engagement drive KUALA LUMPUR: Sharp Electronics (Malaysia) Sdn Bhd is enhanc ing consumer engagement via its collaboration with Japanese electrical appliances retailer Nojima Malaysia, alongside plans to expand its broader Japanese brand ecosystem. Its managing director Ting Yang Chung said the collaboration, which kicked off at LaLaport Bukit Bintang City Centre, served as a starting point for broader expansion involving more Japanese brands and cross-industry partnerships. “I think LaLaport is the first key area, especially with Japanese brands and customers looking for something from Japan. “But we are also cooperating with more multi-Japanese brands and even across industries, including food and beverages,” he said after the Sharp Electronics Malaysia and Nojima collaboration launching ceremony yesterday. He added that Sharp Malaysia continued to explore collaborations beyond traditional retail segments, including integrating lifestyle elements to create a more holistic Japanese living experience. On growth targets, Ting said the company remained focused on strengthening brand engagement and delivering differentiated value propositions to consumers rather than solely pursuing numerical targets. Meanwhile, in a separate statement accompanying the launch, Sharp Malaysia said the collaboration under the “Japanese Living to My Home” concept aimed to redefine modern living by bringing authentic Japanese design, innovation, and service philosophy into Malaysian homes. – Bernama

THE ringgit closed higher against the US dollar and regional curren cies yesterday due to easing crude oil concerns following the United Arab Emirates’ (UAE) exit from the Organization of the Petroleum Exporting Countries (Opec) pact. At the same time, sentiments remained cautious ahead of the US Federal Reserve’s interest rate decision later yesterday. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said news of the UAE’s departure from the Opec pact beginning May suggests the oil cartel may continue to lose its grip on sustaining higher crude oil prices, particularly once the current crisis subsides. As a result, West Texas Intermediate (WTI) and Brent crude prices were little changed yesterday. “This is a positive development as the cartel system should be discouraged to allow market forces to function more effectively and efficiently,” he told Bernama. At the close, the ringgit traded mostly lower against a basket of major currencies. It appreciated against the Japanese yen to 2.4709/4739 from 2.4756/4785 at the close on Tuesday, but slid against the euro to 4.6197/6250 from 4.6189/6242 on Tuesday, and slipped versus the British pound to 5.3330/3391 from 5.3292/3353 previously. However, the local currency strengthened against regional peers. It advanced against the Singapore dollar to 3.0909/0946 from 3.0943/0983 on Tuesday, jumped against the Thai baht to 12.0791/0980 from 12.1494/1685 on Tuesday, gained against the Indonesian rupiah to 227.9/228.3 from 229.1/229.4, and appreciated against the Philippine peso to 6.41/6.42 from 6.44/6.46 previously. Ringgit closes higher vs dollar, regional currencies

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0190 2.8960 3.1410 2.9280 4.7010 2.3680 3.1410 5.4260 5.1130 3.3230 58.9900 64.4800 51.6800 4.3300 0.0244 2.5330 44.1300 1.5000 6.6400 111.1500 107.9800 25.1200 1.3200 44.6100 12.8900 110.3500 N/A

3.8730 2.7790 3.0420 2.8460 4.5480 2.2810 3.0420 5.2530 4.8960 3.0980 56.4900 59.3200 49.0900 4.0200 0.0215 2.4160 40.5900 1.3400 6.2500 105.5200 102.5100 22.6800 1.1500 40.6300 11.4200 104.6000 N/A

3.8630 2.7630 3.0340 2.8340 4.5280 2.2650 3.0340 5.2330 4.8810

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

104.4000

2.8980

N/A

59.1200 48.8900 3.8200 0.0165 2.4060 40.3900 1.1400 6.0500 105.3200 102.3100 22.4800 0.9500 40.4300 11.0200 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

Eco-Shop Marketing Bhd Buy. Target price: RM1.80

Nestle (Malaysia) Bhd Buy. Target price: RM120.00

SP Setia Bhd Neutral. Target price: RM1.07

April 29, 2026: RM102.90

April 29, 2026: RM1.05

April 29, 2026: RM1.32

Source: Bloomberg

Source: Maybank Investment Bank

Source: Bloomberg

NESZ’S Q1’26 core net profit of RM188 million (+9% YoY, +69% QoQ) accounted for 31% of both ours and consensus full-year earnings estimates. We deem this to be within expectations on the back of seasonally higher consumer spending during Chinese New Year and Hari Raya Aidilfitri celebrations. Further, the disbursement of the RM100 SARA cash aid on Feb 9 would have also boosted sales. Key takeaways from NESZ’s Q1’26 results: (i) revenue grew +6% YoY mainly driven by stronger domestic sales volume, supplemented by stable export sales, (ii) gross profit margin lifted by +0.9ppts YoY on easing raw material ASPs and favourable FX translation, we suspect, while (iii) EBIT grew by a wider +24% YoY given better economies of scale and ongoing cost management and operational efficiency gains. On a QoQ basis, revenue increased by +12% QoQ due to festive-driven sales alongside added consumer spending from the RM100 SARA cash aid. Amid a backdrop of economic uncertainties on potential inflation risk and weaker consumer disposable income in the near term, we believe that NESZ’s product demand remains defensive. Its staple product offering coupled with the group’s ability to leverage on global procurement teams for better raw material pricing will aid in keeping a lid on costs relative to its competitors. There are several risk factors for our earnings estimates, price target, and rating for Nestle (Malaysia). A spike in raw material prices may impact earnings. Additionally, sharp appreciation in USD against MYR will also affect its earnings for about 50% of its raw material requirements are imported – denominated in USD. BUY with RM120.00 TP. – Maybank Investment Bank, April 29

ECO-SHOP Marketing’s 9M’26 results met expectations thanks to robust new store openings and GPM expansion. Core net profit of RM192 million (+23% YoY) accounted for 75% and 76% of our and consensus forecasts. Post-results, we fine-tune our sales and cost assumptions which translated to <3% changes to FY26-28 earnings. YoY, 9M’26 revenue inched up by merely 2% to RM2.1 billion despite adding 80 (+23% to 429 outlets) net new stores, due to the persistent SSSG weakness (-12.6%) post price increase in April 2025. The price increase expanded 9M’26 GPM by 5.8ppts to 32.8%, more than offsetting the rise in opex on higher minimum wages. Consequently, 9M’26 core net profit surged 23% to RM192 million. QoQ, Q3’26 sales were 4% higher, underpinned by new outlet openings. GPM continued to expand (+1ppt QoQ to 33.8%) following the end of a discount promotion in Oct 2025, also aided by rising house brand contribution and favourable FX. Correspondingly, core net profit jumped 15% to RM71 million, with net margin hitting a record high of 9.6%. The favourable SSSG base effect should start kicking in by Q4’26F, with Q4’25 being the first quarter to record negative SSSG (-8%) post price increase. Meanwhile, GPM should hover at the Q3’26 level (33.8%) as the increasing scale of operations, favourable FX and rising house brand contribution partially mitigate the impact of higher freight and input costs (RM1 million/month) escalated by the Middle East conflict. BUY with RM1.80 TP. – RHB Research, April 29

MANAGEMENT has set a RM4.6 billion sales target for this year. We cut our FY26-28 earnings by 7%, 7% and 10% as we expect SP Setia to be more vulnerable to cost pressure led by diesel price hike (and hence more expensive building material prices). Recall, the company’s earnings in FY24-25 were largely driven by hefty land disposals while development margin was already fairly weak due to operational inefficiencies. Therefore, as land disposals are expected to be lesser this year, earnings in FY26 should be weaker from last year. Note that there is only one outstanding transaction worth RM273.5 million to be completed this year i.e. 275-acre land in Semenyih sold to Mah Sing. From our recent meeting, management indicated its intention to penetrate the industrial development space further, joining the bandwagon of its industry peers. Instead of acquiring new land, new industrial projects will be developed jointly with land owners, especially in the Klang Valley and Johor region. In the northern region, about 483 acres in Setia Fontaines have been rezoned to industrial land. Last year, the company signed an MoU with Penang Development Corp to jointly develop 350-acre industrial park in the area. While the growth strategy is reasonable, management’s execution seems to be lagging and hence, earnings impact will likely take some time, in our view. SP Setia is planning for its REIT listing in 2027. Eight commercial and retail assets have been identified as the potential assets to be injected into the REIT, with a combined value of RM2-3 billion. NEUTRAL with RM1.07 TP. – RHB Research, April 29