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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.

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Applications open for Oxford Islamic finance SIR fellowship PETALING JAYA: The Securities Commission Malaysia (SC) is inviting applications for the 15th Scholar in Residence (SIR) Fellowship Programme in Islamic Finance at the Oxford Centre for Islamic Studies (OCIS), UK, for the 2026/2027 academic year. The SIR fellowship allows qualified practitioners in Islamic finance and related fields to undertake independent applied research on issues of strategic and contemporary significance to the Islamic capital market (ICM). The priority research areas must be of present-day relevance to ICM which include Maqasid al-Shariah and its applications, Islamic social finance and fintech, the halal economy, as well as sustainable and responsible investments including impact investing. Local and foreign scholars, regulators, industry practitioners with applied policy exposure and academicians with substantial expertise in these areas are strongly encouraged to apply. The selected SIR will be based in OCIS for one academic year beginning October 2026. The scholar is expected to conduct research and contribute to intellectual discourse on Islamic capital markets at OCIS. Their responsibilities include delivering lectures, collaborating on studies and engaging with relevant institutions to further the development of the ICM. Established in 2012, the SIR Fellowship Programme was introduced following a resolution from the SC OCIS Roundtable on Islamic Finance. The programme is in line with the Capital Market Masterplan 2026-2030, which seeks to reinforce global leadership in ICM, drive product innovation and expand the breadth and depth of Shariah compliant offerings guided by Maqasid al-Shariah. Applications for the 2026/27 SIR Fellowship are open until June 12.

THE ringgit closed higher against the US dollar yesterday, supported by Malaysia’s favourable domestic fundamentals. At 6pm, the ringgit appreciated to 3.9595/9630 versus the greenback from 3.9675/9715 at Wednesday’s close. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit should be in a better position as the country continues to record a current account surplus, while the government remains committed to reducing the fiscal deficit. He said news on the possible finalisation of negotiations between the US and Iran had resulted in lower crude oil prices, while the US Dollar Index (DXY) stabilised at around 99 points. “However, some central banks remain under pressure to adjust interest rates to stem currency depreciation and contain inflationary pressure, especially in economies facing fiscal and current account deficits,” he told Bernama. At the close, the ringgit traded mostly lower against a basket of major currencies. It strengthened versus the Japanese yen to 2.4906/4929 from 2.4942/4969 at Wednesday’s close, but slipped against the euro to 4.6037/6078 from 4.5975/6022 on Wednesday, and slid against the British pound to 5.3220/3267 from 5.3089/3143 previously. At the same time, the local currency traded mostly higher against regional peers. It appreciated against the Singapore dollar to 3.0967/0997 from 3.0969/1003 at the close on Wednesday, rose against the Thai baht to 12.1304/1468 from 12.1341/1516 on Wednesday, edged up against the Indonesian rupiah to 224.1/224.4 from 224.7/225.0 previously, and remained flat against the Philippine peso at 6.43/6.44. Ringgit closes higher against US dollar, regional peers

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0320 2.8890 3.1460 2.9230 4.6790 2.3650 3.1460 5.4060 5.1400 3.3370 59.5000 64.1800 51.8700 4.2400 0.0239 2.5520 44.5600 1.5000 6.6200 111.4400 108.2600 25.2700 1.2500 44.3800 12.8800 110.7300 N/A

3.8840 2.7710 3.0460 2.8390 4.5240 2.2770 3.0460 5.2300 4.9170

3.8740 2.7550 3.0380 2.8270 4.5040 2.2610 3.0380 5.2100 4.9020

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

104.9000 3.1080 56.9400 59.0100 49.2500

104.7000 2.9080 58.8100 49.0500 3.7400 0.0161 2.4220 40.7600 1.1400 6.0200 105.6000 102.5700 22.6200 0.8800 40.1800 11.0200 N/A N/A

3.9400 0.0211 2.4320

N/A

40.9600 1.3400 6.2200 105.8000 102.7700 22.8200 1.0800 40.3800 11.4200

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

Economy Strong trade beats expectations

Magnum Bhd Neutral. Target price: RM1.40

Mr DIY Group (M) Bhd Buy. Target price: RM2.20

May 21, 2026: RM0.895

May 21, 2026: RM2.07

Source: Bloomberg

Source: DOSM, TA Research

Source: Bloomberg

Q1’26 core earnings came in 10.4% lower YoY at RM47.5 million (+57% QoQ), within our and consensus’ estimates at 27%. A first interim DPS of 2.5 sen (Q1’25: 2.5 sen) was declared and will go ex on June 10 – within our expectations. Note: We have imputed RM3.6 million for FV loss on investment; loss on disposal of property, plant, and equipment (PPE). Q1’26 revenue came in at RM575.2 million (+5% QoQ, -11.4% YoY). The slowdown was mainly due to a lower number of draws (41 vs Q1’25’s 42) and a lower sales per draw of RM14 million (Q1’25: RM15.4 million). Despite results coming in within expectations, we do not think this is sustainable, as sales per draw has trended lower by 9% YoY to RM14 million (Q1’25: RM15.4 million), indicating a lack of growth catalysts for legal NFOs. This is offset by a favourable payout ratio of 62% in Q1’26 (vs an average of 64% in FY24-25). Hence, we believe the pervasive presence of illegal lottery operators – both offline and online (especially in the 4D Classic segment) – remains a rising challenge. Trading conditions are expected to remain tough, as illegal activities continue to erode market share from legal NFOs. Meanwhile, we believe MAG’s earnings momentum will remain highly sensitive to the luck factor and any potential shifts in government enforcement against illegal NFOs. Key downside risks: Unfavourable luck factor and policies, softer-than-expected ticket sales. The converse represent the upside risks. NEUTRAL with RM1.40 TP. – RHB Research, May 21

MALAYSIA’S total trade surged by 28.6% YoY to RM336.73 billion in April 2026, driven by robust growth in both exports and imports. This marked the highest monthly trade value ever recorded in Malaysia’s history. Strong export performance, coupled with a firmer expansion in imports, contributed to the substantial overall trade growth during the month. On a month-on-month basis, total trade increased by 23.3%, indicating significantly stronger demand momentum compared to the previous month. Malaysia’s exports surged 36.9% YoY to RM182.7 billion in April 2026, accelerating sharply from the 8.4% YoY growth recorded previously. Singapore and the US remained the top export destinations, accounting for a combined 30.1% share of total exports. Exports to Singapore, Malaysia’s largest export market, rose 23.2% YoY to RM28.3 billion, supported mainly by higher shipments of E&E products, petroleum products, machinery & equipment, and other manufactured goods. Exports to the US increased strongly by 39.0% YoY to RM26.7 billion, driven by robust demand for E&E products, palm oil products, iron & steel products, machinery & equipment, and optical & scientific equipment. Overall, nine major export destinations recorded strong double-digit growth, led by Taiwan (+86% YoY), followed by Hong Kong (+67.8% YoY), Vietnam (+65% YoY), and China (+39.2% YoY). Exports of manufactured goods remained the largest component of total exports in April 2026, accounting for 88.7% of total exports and rising 40.1% YoY to RM162.1 billion. – TA Research, May 21

MRDIY’S Q1’26 results were broadly in line with expectations, taking into account the seasonality factor and risks of softer consumer spending ahead. Net profit of RM192 million (+10% YoY) accounted for 27% and 28% of our and consensus forecasts. YoY, Q1’26 revenue rose 9% to RM1.4 billion, underpinned by net new store additions (+123 to 1583 outlets) while SSSG was recorded at 1.6% – remaining positive for the second quarter in a row. Q1’26 GPM expanded by 0.8ppts to 48.6%, above manage ment guidance thanks primarily to favourable FX. With opex under disciplined control, Q1’26 net profit grew 10% to RM192 million with margin inching up slightly to 14%. QoQ, Q1’26 revenue was 7% higher but net profit jumped 17% thanks to better product mix and operating leverage led by the Lunar New Year festivity. First DPS of 1.6 sen (79% payout ratio) was declared, higher than Q1’25’s 1.4 sen. Management guided for manageable impact so far from the implications of the Middle East conflict. It is leveraging on its balance sheet strength and bargaining power to optimise unit costs, further aided by the strong RM. With that, MRDIY has launched a price lock campaign, which should appeal to value conscious consumers in the inflationary environment. Meanwhile, East Malaysia expansion is gaining traction with 15% of new store openings to take place there (vs 11-12% in recent years). This would bode well considering the superior profitability of East Malaysia stores, thanks to the less intense competitive landscape. BUY with RM2.20 TP. – RHB Research, May 21