04/06/2026

BIZ & FINANCE THURSDAY | JUNE 4, 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

Top Glove achieves Product Carbon Footprint verification SHAH ALAM: Top Glove Corporation Bhd has attained independent verification of the Product Carbon Footprint (PCF) for its nitrile powder free 3.5g gloves, marking an important step forward on its sustainability journey. Top Glove is the first glove manufacturer in Malaysia to achieve this verification, amid growing global demand for greater transparency in carbon emissions. The verification of PCF information was carried out by SGS, a global testing, inspection and certification company, in accordance with the ISO 14064-3:2019 verification process, confirming that the PCF was prepared in accordance with the ISO 14067:2018 standard, built upon the life cycle assessment principles of ISO 14040 and ISO 14044. Following the verification, the PCF for Top Glove’s nitrile powder free 3.5g gloves was confirmed at 26.274kg CO2e. per 1,000 gloves, based on a cradle to gate assessment. Joint managing director Lim Jin Feng remarked, “Customers today are looking beyond product quality and cost; they also want to understand the environmental impact of what they buy. By providing independently verified carbon footprint data, we are giving our customers clear and reliable information to support more responsible choices, while strengthening our own commitment to sustainable manufacturing.” This latest milestone builds on Top Glove’s earlier Life Cycle Assessment (LCA) work, which evaluates the broader environmental impact of its products. The PCF strengthens transparency in sustainability by providing a verified number on carbon emissions, giving customers greater confidence in the data they use for decision making and sustainability reporting.

THE ringgit ended lower yesterday against the American dollar amid volatile currency markets as concerns over US tariffs resurfaced. At 6pm, the local currency depreciated to 3.9955/9990 against the greenback from last Friday’s close of 3.9625/9670. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Trade Representative (USTR), in its latest press statement, has identified the policies and practices of 60 economies that would face an increase in tariffs in relation to elements of forced labour. “This suggests that trade protectionist policies will continue to shape the global economy, which would result in a higher cost of doing business for US businesses and potentially lead to further reconfiguration of the global supply chain,” he told Bernama. The ringgit also traded lower against a basket of major currencies. It eased against the British pound to 5.3727/3775 from 5.3165/3225, slid against the euro to 4.6400/6440 from 4.6127/6180, and dipped versus the Japanese yen to 2.5005/5027 from 2.4874/4904 at last Friday’s close. The local currency traded lower against regional peers. It retreated versus the Singapore dollar to 3.1164/1193 from 3.1010/1048, and eased marginally against the Thai baht to 12.1825/1988 from 12.1732/1926 previously. It was lower against the Indonesian rupiah at 222.3/222.7 versus 221.6/221.9, and fell against the Philippine peso to 6.47/6.48 from 6.43/6.44 at last Friday’s close. Ringgit closes lower amid renewed US tariff concerns

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0465 2.9130 3.1550 2.9150 4.6970 2.4010 3.1550 5.4390 5.1560 3.3610 60.0600 64.4400 52.0200 4.3300 0.0237 2.5450 44.5900 1.5100 6.6400 111.9900 108.6800 25.7500 1.2800 44.6400 12.9000 111.1200 N/A

3.9015 2.7950 3.0560 2.8330 4.5450 2.3120 3.0560 5.2660 4.9370 3.1180 57.5200 59.3000 49.4300 4.0200 0.0209 2.4280 41.0200 1.3500 6.2500 106.3200 103.1700 23.2600 1.1100 40.6600 11.4400 105.3800 N/A

3.8915 2.7790 3.0480 2.8210 4.5250 2.2960 3.0480 5.2460 4.9220

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

105.1800

2.9180

N/A

59.1000 49.2300 3.8200 0.0159 2.4180 40.8200 1.1500 6.0500 106.1200 102.9700 23.0600 0.9100 40.4600 11.0400 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

Banks Overweight

Farm Price Holdings Bhd Buy. Target price: RM0.42

Mah Sing Group Bhd Buy. Target price: RM1.40

June 3, 2026: RM0.98

June 3, 2026: RM0.31

Source: Bloomberg

Source: Bloomberg

Source: RHB, Company data

Q1’26 core profit of RM2.5 million (+0.8% YoY) met 16% of our full-year forecast. While revenue grew 15.2% YoY, the shortfall reflected weaker-than-expected operating leverage as the enlarged cost base, particularly from higher administrative expenses (estimated at an additional RM1 million per quarter), has yet to be fully absorbed by incremental sales. Revenue rose 15.2% YoY to RM34.3 million, mainly driven by growth in the Singapore market and contributions from newly consolidated subsidiaries. However, net profit growth lagged as higher operating costs from the Food Life acquisition compressed core net margin to 7.4% (Q1’25: 8.5%). On a QoQ basis, revenue declined 2.8% due to softer demand from key customers, while GPM fell to 20.3% (Q4’25: 24.2%) due to the reclassification of operational staff costs to cost of sales. We remain positive on Farm Price’s medium-term growth trajectory, although near-term earnings recovery may be slower as the group gradually restructures Food Life’s cost base. The latter broadens Farm Price’s reach into tier-2 customers and supports longer-term volume growth, but integration may take time. We expect costs to normalise from FY27 onwards as functions are centralised and staff productivity improves. With regards to the current energy crisis, if prolonged, we expect pressure to come mainly from freight (70% of supply is imported) and electricity costs (given its reliance on cold-chain operations). Meanwhile, produce cost inflation should be more manageable, as management noted that selling prices generally pass through at market rates. BUY with RM0.42 TP. – RHB Research, June 3

SYSTEM loan growth accelerated further to 5.6% YoY in April 2026, as compared to 5.4% YoY in March 2026 (2025: 4.8%). Growth primarily came from loans extended to the business segment, which was up 6.2% YoY (April 2025: +4% YoY, March 2026: +5.6% YoY). By sector, key contributors were electricity, gas & water (+30.3% YoY, flat MoM), transport, storage & communications (+16.1% YoY, +1.5% MoM), and real estate (+8% YoY, +1.5% MoM) and construction (+8% YoY, -1% MoM). As for the household segment, loan growth remained stable at 5.2% YoY, supported mainly by purchase of securities (+7.2% YoY, flat MoM) and hire purchase loans (+6.3% YoY, flat MoM). Our 5-5.5% system loan growth forecast for 2026 remain unchanged. Lending indicators remained robust, with YTD loan applications and loan approvals up 7.5% and 13.4% YoY – thanks mainly to the business segment. YTD business loan applications increased by 13.5% YoY thanks to electricity, gas & water, agriculture, transport, and storage & communications while approvals jumped 22.8% YoY (led by electricity, gas & water, agriculture, and finance). YTD household loan applications and approvals grew at a slower pace: +2.7% and +3.8% YoY. Meanwhile, loan disbursements were up 5% YoY with business loans disbursed continuing to lag approvals at 5.5% and while household loan disbursements were 3.2% YoY higher. System deposits grew 3.4% YoY in April 2026, moderating from +3.8% YoY in April 2025 and +4.2% YoY in March 2026. CASA deposits continued to do well, rising 7.4% YoY, while fixed deposits were broadly flat, Consequently, the system CASA ratio was lifted to 32.1% from 31.2% a year earlier. – RHB Research, June 3

THE sequential drop in revenue was mainly attributed to slower work progress during the festive season and a higher proportion of new projects in initial stages of construction. The quarter also saw some cost savings from completed projects such as M Astra in Setapak and lower operating expenses – hence, EBIT margin was higher at 19.7% vs 17.5% during the previous quarter. The manufacturing segment (plastic and gloves) returned to an LBIT of RM1.55 million vs Q4’25’s RM2.15 million EBIT as the division was affected by lower contributions from the plastic segment following the disposal of a subsidiary involved in automotive parts production during the prior year as part of management’s cost rationalisation efforts. Meanwhile, net gearing rose to 0.40x from 0.26x in Q4’25, due mainly to dividend payments and balance of payments for the Corus Hotel and M Mira land acquired last year. Mah Sing missed its RM2.65 billion sales target last year (actual sales: RM2.51 billion) due to slower-than-expected approval processes. However, sales momentum picked up so far this year, with 5M25 property sales reaching RM978 million. The key sales contributors during this period: M Grand Minori in Johor (RM137 million), M Aspira in Taman Desa (RM127 million), and M Nova in Kepong (RM107 million). Upcoming launches include M Mira in Setapak, M Hana in Puchong, M Amaya and M Cora in Penang, M Tiara 2 in Johor, and new phases in existing projects. Meanwhile, the high-end development at the old Corus Hotel site and MS Industrial Park @ Kulai will likely be launched in late Q3/Q4 this year. An EGM will be convened to obtain shareholders’ approval for the MS Industrial Park land transaction. BUY with RM1.40 TP. – RHB Research, June 3