03/09/2026

BIZ & FINANCE THURSDAY | SEP 3, 2026

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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.

[ Compiled by SunBiz Team

PHB expands AHB fund with 400 million new units KUALA LUMPUR: Pelaburan Hartanah Bhd (PHB) has announced the issuance of 400 million new units of Amanah Hartanah Bumiputera (AHB) for subscription by Bumiputera investors, raising the fund’s total units to 5.4 billion. PHB said the additional units reaffirmed its commitment to expanding opportunities for Bumiputera to gain beneficial ownership of quality commercial properties through investments in strategically located commercial real estate assets nationwide. The latest issuance marks AHB’s sixth expansion since its establishment in 2010, when the fund had an initial size of one billion units. “The latest issuance is supported by value injections from two PHB assets, the recently acquired Aurelius Hospital in Alor Setar, Kedah, and the revaluation of the Maersk logistics building in Shah Alam,” it said in a statement. AHB, Malaysia’s first Shariah-compliant property-based unit trust fund, is backed by a portfolio of prime commercial properties that generate rental income and provide sustainable returns to unitholders. The minimum investment in AHB is RM100, while the maximum investment limit is RM1 million per individual. The fund is managed by PHB Asset Management Bhd (PHBAM). Investors can subscribe to AHB units at authorised distributor branches nationwide, including Maybank, AmBank, AmBank Islamic, Bank Islam Malaysia Bhd and Bank Kerjasama Rakyat Malaysia Bhd. Existing Maybank customers can also subscribe through the Maybank2u website, where they can check their current unit holdings and subscribe to the new units. – Bernama

THE RINGGIT continued to trade lower against the US dollar yesterday but strengthened against the British pound and the euro amid rising global bond yields and concerns over elevated government debt levels. At 6pm, the ringgit was quoted at 4.0435/0475 against the US dollar compared with Tuesday’s close of 4.0370/0410. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said rising bond yields currently remained the main focus, particularly in developed markets. “The context of higher long-term bond yields would include a higher inflation risk premium following the rise in crude oil prices, while global central banks could be seen as being behind the curve in tightening monetary conditions,” he told Bernama. Mohd Afzanizam elaborated that, above all, the concern was the lack of fiscal discipline to contain fiscal deficits and elevated government debt levels. “Based on International Monetary Fund data, gross government debt as a percentage of gross domestic product (GDP) in 2026 for the US, the United Kingdom and Japan is expected to hit 125.8 per cent, 103.6 per cent and 204.4 per cent of GDP, respectively. “It seems the market was a bit directionless as the mode does indicate a risk-off mode, but traders and investors were perplexed in seeking refuge in choosing the right asset class.” The ringgit appreciated against the euro to 4.6787/6834 from yesterday’s 4.6801/6847 and rose against the British pound to 5.4527/4581 from 5.4657/4711. However, it weakened against the Japanese yen to 2.5294/5321 from 2.5223/5250. The local note declined against the Singapore dollar to 3.1739/1773 from 3.1703/1736 on Tuesday. Ringgit weakens vs US dollar, mixed against other currencies

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.1150 2.9480 3.2240 2.9520 4.7620 2.4260 3.2240 5.5520 5.0870 3.4260 61.4700 65.3000 52.8900 4.4100 0.0242 2.5840 45.1500 1.5400 6.6700 113.7800 110.4700 26.3000 1.3200 44.0000 12.8700 113.0300 N/A

3.9670 2.8280 3.1220 2.8680 4.6050 2.3350 3.1220 5.3720 4.8690 3.1690 58.8300 60.0500 50.2300 4.1000 0.0214 2.4630 41.5000 1.3700 6.2700 108.0100 104.8700 23.7500 1.1500 40.0500 11.4000 107.0900 N/A

3.9570 2.8120 3.1140 2.8560 4.5850 2.3190 3.1140 5.3520 4.8540

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

106.8900 2.9690 59.8500 50.0300 3.9000 0.0164 2.4530 41.3000 1.1700 6.0700 107.8100 104.6700 23.5500 0.9500 39.8500 11.0000 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

MN Holdings Bhd Buy. Target price: RM4.57

Inta Bina Group Bhd Buy. Target price: RM0.78

RGB International Bhd Buy. Target price: RM0.40

Sept 2, 2026: RM0.205

Sept 2, 2026: RM3.54

Sept 2, 2026: RM0.385

Source: Bloomberg, Phillip Capital Research

Source: Bloomberg, Phillip Capital Research

Source: Malacca Securities

MANAGEMENT highlighted progress in broadening INTA’s earnings base, with two property developments targeted for launch in 4Q26. Seiring Setia in Bukit Jelutong and Aliran Restu in Glenmarie have obtained their respective planning approvals, with the two projects set to provide the next leg of growth for its property development arm. The Group also highlighted further traction in its downstream business. IBEE has secured 14 projects worth RM26.4m in FY26, including a RM1.9m data centre installation job in Nusajaya, while management continues to explore opportunities to deepen its M&E capabilities. We remain positive on INTA’s earnings visibility, backed by c.RM1.6bn of unbilled construction order book and RM424m of YTD FY26 job wins. As at July 2026, the Group had submitted RM2.5bn of new tenders, bringing total outstanding tenders to RM3.6bn. Management also remains confident of securing c.RM860m of new jobs for FY26 in line with our annual replenishment assumption of RM800-900m, supported by several bids already in final negotiations. More importantly, we see scope for gradual margin improvement as the earnings mix evolves. While construction remains the core earnings driver, the Group expects a growing contribution from its higher-margin property development segment, with two new projects targeted for launch in 4Q26. At the same time, its value engineering and early procurement initiatives, alongside the variation-on-price mechanism incorporated into recent contracts, should help mitigate raw material cost pressures. Maintain BUY with higher TP of RM0.78. – Malacca Securities, Sept 2

WE came away from MN Holdings’ results briefing positive on the group’s prospects, underpinned by a robust RM1.6bn outstanding order book as of Aug26, with DC (57%) and TNB (32%) continuing to anchor its project pipeline, while solar (7%) and others (4%) make up the remainder of the order book. We expect earnings momentum to further strengthen in FY27, supported by RM1bn of the existing order book scheduled for recognition over the next 12 months, alongside a record RM5.1bn tender book (3QFY26: RM3.7bn), with TNB and DC accounting for 54% and 29% respectively. MN’s YTD FY27 wins of RM300m is well on track to reach our FY27E replenishment forecast of RM1.3bn. We understand that TNB tender is led by two 500kV substation packages with a combined value of RM1.5bn, with remaining of projects ranging from RM6-90m. On DC, the RM1.4bn tender book comprises new and existing customers, anchored by an RM500m tender from customer A, which includes two 275kV substation packages, alongside a separate RM260m cable job. Separately, management is exploring a move beyond EPCC into solar asset ownership, positioning for LSS5+/LSS6 and the CGPP opportunity arising from the Data Centre Task Force’s (DCTF) 30% RE self generation mandate, which applies to both new and existing DCs. We continue to like MN for its strong positioning to capture structural growth opportunities in the power infrastructure segment, and strategic exposure to the fast-growing DC and solar sectors. Key risks include slower-than-expected project rollouts affecting order book replenishment and unforeseen delays. Maintain BUY and TP of RM4.57. – Phillip Capital Research, Sept 2

WE came away positive from RGB’s results briefing, with the group’s 2H26 outlook underpinned by stronger EGM delivery momentum. Management expects 2H26 deliveries to increase to 1.7k-2.0k units (vs. 1.3k in 1H26), keeping the group on track to meet its 3k unit delivery target for 2026 (vs. 2.3k in 2025). The stronger EGM deliveries outlook is supported by a healthy orderbook of 2k units as of Jun26, split evenly between new integrated resort (IR) and expansion projects in the Philippines, as well as replacement demand across Asia, with deliveries largely scheduled for 3Q/4Q26. Separately, RGB is tendering for EGM upgrade programmes in Macau to capture potential replacement demand arising from compliance with Gaming Inspection and Coordination Bureau (DICJ) EGM Technical Standard. Any new project wins could provide upside to our 2026-27E earnings forecasts. RGB’s PAGCOR B2B accreditation marks its entry into the Philippine online gaming B2B segment as a gaming content provider and aggregator alongside its OEM partner. This expands RGB beyond a hardware-based gaming provider into digital solutions, opening new recurring revenue streams via licensing and platform fees, as well as a transactional profit-sharing model, targeting 60 gaming system administrators in the Philippines, supporting long-term business growth. As this venture is still in the early introduction phase, we await clearer visibility into the commercial structure, customer onboarding, and contribution before factoring any material earnings upside into our forecasts. RGB’s net cash position of RM141m as at 2Q26, represents 45% of its market cap, also provides balance sheet flexibility. Reiterate BUY and RM0.40 TP. – Phillip Capital Research, Sept 2