13/07/2026

BIZ & FINANCE MONDAY | JULY 13, 2026

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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

AirBorneo opens ticket sales for first international route KUCHING: AirBorneo Airways has opened ticket sales for its new Kuching–Singapore route, the airline’s first international destination and a further milestone in its network expansion beyond Malaysia. The new service will operate daily between Kuching International Airport and Singapore Changi Airport Terminal 4, strengthening Sarawak’s connectivity with one of the region’s key aviation and business hubs, and opening new opportunities for trade, tourism and investment between Sarawak and Singapore. The timing of the inaugural flight carries particular significance, coinciding with Hari Sarawak on July 22, the day on which Sarawak commemorates its self-government and continues to chart its own course of progress. Ticket sales open at 10am today. All-in one-way Economy Class fares start from RM399 and all-in one-way Business Class fares start from RM871. Prices indicated are inclusive of airport taxes and fuel surcharges. Flights commence on July 22, 2026. Tickets are available exclusively through the official AirBorneo website at www.airborneo.com and the AirBorneo mobile app. “The launch of our Kuching–Singapore service marks a significant step forward in AirBorneo’s growth journey, as we extend Sarawak’s air connectivity beyond Malaysia’s shores for the first time,” said AirBorneo CEO Megat Ardian Aminuddin. “Singapore is a vital regional and international hub, and this new route will create meaningful opportunities for trade, tourism and investment between Sarawak and the wider region. “This milestone reflects our long-term ambition to grow AirBorneo’s international network in service of Sarawak’s economic and social development.”

THE ringgit is expected to trade within a narrow range between RM4.05 and RM4.07 against the US dollar this week as investors await the release of the US Consumer Price Index (CPI) report tomorrow, which could set the tone for global financial markets, said analysts. SPI Asset Management managing partner Stephen Innes said the US inflation data could be the next major catalyst for market sentiment. “There is a reasonable chance the data could come in softer, particularly if lower energy prices reverse last month’s inflation spike. A softer CPI reading would likely strengthen expectations of a US Federal Reserve monetary policy easing, weighing on the US dollar and providing a more favourable backdrop for the ringgit,” he told Bernama. Last week, on a Friday-to-Friday basis, the ringgit slid marginally to 4.0695/0745 against the US dollar from 4.0690/0735 a week earlier. The local currency strengthened against the Japanese yen to 2.5148/5181 from 2.5253/5281, and improved vis-à-vis the euro to 4.6502/6559 from 4.6553/6606 previously. However, it slid against the British pound to 5.4572/4639 from 5.4325/4385 last week. The ringgit was mostly higher against Asean currencies. It was slightly lower against the Singapore dollar at 3.1520/1561 from 3.1521/1558, but rose against the Thai baht to 12.2101/2302 from 12.2782/2966 previously. The local currency strengthened against the Indonesian rupiah to 225.2/225.6 from 226.5/226.8, and improved against the Philippine peso to 6.61/6.62 from 6.62/6.63 last Friday. Ringgit to trade narrowly against US dollar this week

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.1520 2.8880 3.2060 2.9220 4.7400 2.3940 3.2060 5.5610 5.1690 3.4360 61.3700 65.0000 53.4000 4.4300 0.0240 2.5730 43.7300 1.5500 6.8200 114.8000 111.4200 26.2800 1.3000 44.1900 12.9500 114.0700 N/A

3.9990 2.7670 3.1000 2.8350 4.5780 2.3020 3.1000 5.3740 4.9390 3.1810 58.6700 59.7000 50.6400 4.1100 0.0211 2.4490 40.1500 1.3800 6.4100 108.9800 105.7700 23.7100 1.1300 40.1700 11.4700 107.9400 N/A

3.9890 2.7510 3.0920 2.8230 4.5580 2.2860 3.0920 5.3540 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

107.7400 2.9810 59.5000 50.4400 3.9100 0.0161 2.4390 39.9500 1.1800 6.2100 108.7800 105.5700 23.5100 0.9300 39.9700 11.0700 N/A 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

Tenaga Nasional Bhd Buy. Target price: RM16.50

IGB Commercial REIT Buy. Target price: RM0.70

Exsim Hospitality Bhd Buy. Target price: RM0.58

July 10, 2026: RM14.30

July 10, 2026: RM0.42

July 10, 2026: RM0.605

Source: Bloomberg, TA Research

Source: Bloomberg, RHB Research

Source: Malacca Securities

EXSIMHB through its wholly-owned subsidiary, EXSIM Concepto Sdn Bhd secured a RM63.5mn design and build of interior works contract from Cosmopolitan Avenue Sdn Bhd. The contract is scheduled to commence this month and is expected to be completed by Dec 31, 2026. This represents EXSIMHB’s first job win in FY27, bringing its outstanding order book to approximately RM641.0mn, translating into a solid 4.6x FY25 construction segment revenue. This robust backlog is expected to provide the group with strong near-term earnings visibility. Based on an assumed PBT margin of 12%, the project is estimated to contribute approximately RM7.6mn in PBT over the contract duration. Following this latest contract, EXSIMHB has achieved 21.2% of our FY27 new job win assumption of RM300mn. We expect the group’s order book replenishment momentum to remain healthy, supported by recurring contract flows from EXSIM Development’s property development pipeline, alongside opportunities from its external tender book. Given the new job win was within our expectation, we make no changes to our forecast at this juncture. We continue to like EH, for the following reasons: (i) its position as the strategic beneficiary of EXSIM Group’s expansive development pipeline; (ii) its hybrid hospitality strategy that ensures earnings visibility and; (iii) the potential future value unlock through hospitality REIT. Key downside risks include (i) slower-than-expected new job replenishment; and (ii) the weakening tourism sector outlook. We maintain our Buy call on EXSIMHB with an unchanged SOP-derived TP of RM0.58. - TA Research, July 10

IGBCR registered 1QFY26 revenue of RM68.9m (+10.5% YoY) with core PAT of RM28.8m (+14.3% YoY). Distributable income rose 22.4% YoY to RM32.2m, translating to a DPU of 1.33 sen. The improvement was driven by higher occupancy and positive rental reversions across the portfolio. Portfolio occupancy rate stood at 92.9%, with Mid Valley City occupancy climbed from 94.3% in 1QFY25 to 96.6% in 1QFY26, while KL City improved from 80.6% to 86.7% over the same period. Meanwhile, average monthly rental rate increased from RM6.4/sqft in 1QFY25 to RM6.6/sqft in 1QFY26, with Mid Valley City rates improved from RM6.8/sqft to RM7.1/sqft, while KL City edged up from RM5.7/sqft to RM5.8/sqft. IGBCR is the first REIT in Malaysia to achieve 100% Green Building Index (GBI) certification across its entire 10-property portfolio in FY25. This ESG advantage positions IGBCR favourably to attract MNCs with sustainability mandates and supports premium rental positioning. Management’s ongoing AEIs, including lobby modernisations and energy-efficient lighting upgrades, further reinforce the portfolio’s competitive edge. Despite geopolitical trade uncertainties, domestic demand remains supportive with Malaysia’s GDP growth forecast of 4%- 5% for 2026. IGBCR is a direct beneficiary of the ongoing “flight to quality” trend in the Klang Valley office market, with its green certified, well-located portfolio serving a highly diversified, corporate based tenants across multiple sectors. Meanwhile, the combination of rising occupancy and positive rental reversions provides a visible earnings growth runway moving forward. Maintain BUY and RM0.70 TP. - Malacca Securities, July 10

WE hosted a small group meeting with Tenaga Nasional’s senior management. We expect data centre (DC) demand to remain robust - driving capex growth - and identify a 5% upside if TNB wins the bid to build a new gas plant under the New Generation Capacity 2029-2031 (NEWGEN26) programme. We expect the tax rate to improve in the coming quarters. To date, TNB has secured supply to 59 DC projects, with a combined 8.3GW capacity. Of the total, 36 projects have been completed with a maximum capacity of 4.5GW. All the DCs are on a “take-or-pay” arrangement for the first five years of operations, allowing TNB to recoup its entire capex. Note: 72% of the DCs originated from the US and Singapore, with 68% of capacity located in Johor. Management said DC enquiries remain robust, as it maintains its target to add 1GW of new capacity per year. Based on its generation plan, TNB aims to add 11.8GW of new capacity by 2033, which should help offset the expected 6.6GW capacity scheduled for retirement. Management believes the surplus 5.2GW capacity will be sufficient for TNB to maintain a comfortable reserve margin while meeting rising demand from DCs. To this end, TNB has secured six gas turbines, including two reserved for its 1.4GW Paka plant, which it won in the NEWGEN25 bid. TNB has also submitted a bid for the NEWGEN26 tender. Tax rates to taper towards year-end. Despite the high effective tax rate (ETR) of 31% in 1Q26, management maintains its 23-24% ETR guidance for the full year. To this end, management expects the tax rate to taper towards the year-end as it engages with the regulators on the application of tax incentives. Maintain BUY and RM16.50 TP. - RHB Research, July 10