14/09/2026

BIZ & FINANCE MONDAY | SEPT 14, 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

RMS rolls out MyARX to boost Ar-Rahnu digital transformation GEORGE TOWN: Bank Kerjasama Rakyat Malaysia Bhd’s wholly-owned subsidiary, Rakyat Management Services Sdn Bhd (RMS), has launched the MyARX mobile application as part of its efforts to strengthen the digital transformation of the Ar-Rahnu X’Change service. RMS chairman Mohd Jafri Kudus said MyARX offers various facilities to customers, including checking pledge account information and transaction history, receiving notifications, making payments and accessing information related to auctions. “It is also equipped with an Ar-Rahnu calculator, a facility to find the nearest branch network, and user profile management to enable customers to access Ar-Rahnu services more quickly, easily and securely,“ he told reporters at the Ar-Rahnu X’Change 2025 Award Ceremony here. The event was officiated by Bank Rakyat chairman Datuk Mohd Irwan Mohd Mubarak, and was also attended by the group chief executive officer, Ahmad Shahril Mohd Shariff. Mohd Jafri said the launch of MyARX is one of the strategic initiatives designed to complete the digitalisation of the Ar-Rahnu X’Change operational ecosystem, thereby ensuring that the brand remains competitive and relevant in the future. He said Ar-Rahnu X’Change had earlier introduced an online payment system through e-bayar, in addition to being the first Ar-Rahnu operator in Malaysia to implement paperless transactions through the e-paper initiative since March last year, with the customer acceptance rate for e-paper usage now reaching 97 per cent. In a related development, Mohd Jafri said Ar-Rahnu X’Change recorded positive performance with a total cumulative financing disbursement of RM2.66 billion until August 2026.

THE ringgit is expected to trade within a tight range against the US dollar this week, with investors remaining cautious ahead of key monetary policy decisions by the US Federal Reserve and the Bank of Japan (BOJ). Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the focus this week will be on the Fed’s Federal Open Market Committee and BOJ monetary policy meetings. Both central banks are expected to raise their respective policy rates by 25 basis points. Market participants will also monitor the Fed’s latest economic projections closely for gross domestic product growth, inflation, the unemployment rate and the federal funds rate, he told Bernama. “Expectations of a rate hike by the US Fed have shaped sentiment in the foreign exchange market, lending support to the US dollar,” he said. Against this backdrop, Mohd Afzanizam said the ringgit is likely to remain within a tight range of between RM4.06 and RM4.08 against the US dollar this week. He also said external developments, particularly the sharp rise in crude oil prices amid the intensifying US-Israel-Iran conflict, are also expected to influence market sentiment. “The escalation has pushed Brent crude oil prices higher to around US$104.64 per barrel,” he said. Last week, on a Friday-to-Friday basis, the ringgit weakened against the greenback to 4.0685/0725. The local currency depreciated against the British pound to 5.4961/5015 last Friday, fell against the Japanese yen to 2.6400/6428 and declined against the euro to 4.7178/7225. Ringgit set to trade in tight range vs US dollar this week

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.1445 2.9760 3.2620 2.9870 4.8070 2.4100 3.2620 5.5940 5.1190 3.4200 62.0500 65.9200 53.2700 4.4200 0.0247 2.6980 45.7500 1.5500 6.7000 114.6500 111.3000 26.4500 1.3200 44.0300 13.0300 113.8600 N/A

3.9995 2.8580 3.1610 2.9040 4.6520 2.3220 3.1610 5.4170 4.9020

3.9895 2.8420 3.1530 2.8920 4.6320 2.3060 3.1530 5.3970 4.8870

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

107.9800 3.1830 59.4300 60.6600 50.6300

107.7800 2.9830 60.4600 50.4300 3.9100 0.0168 2.5650 41.8900 1.1800 6.1100 108.6400 105.4600 23.7000 0.9600 39.9100 11.1500 N/A N/A

4.1100 0.0218 2.5750

N/A

42.0900 1.3800 6.3100 108.8400 105.6600 23.9000 1.1600 40.1100 11.5500

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

Plantation sector Overweight

CapitaLand Malaysia Trust Buy. Target price: RM0.81

HE Group Bhd Buy. Target price: RM1.30

Sept 11, 2026: RM0.59

Sept 11, 2026: RM0.945

Source: Bloomberg, TA Research

Source: PublicInvest Research

OUR visit to CLMT’s industrial assets across Nusajaya Tech Park, Senai Airport City and i-TechValley strengthened our confidence in its Johor industrial strategy. More importantly, two of our earlier concerns on the i-TechValley forward purchases have eased. First, Senai Airport City, which was also acquired without pre committed tenants, has since achieved full occupancy. Second, current premium industrial rents in Iskandar Puteri of around RM2.50–RM3.00 psf are supportive of the c.RM2.60 psf rental level implied by management’s 7.3% first-year gross yield guidance for i-TechValley. Based on this rental level, the five assets could lift earnings by around 1.5% in FY27 and c.3% in FY28, which we have yet to factor into our forecasts pending tenant commitments. CLMT first entered Johor through the acquisition of three facilities at Nusajaya Tech Park in Feb-2024, followed by another three at Senai Airport City in Feb2025. Both clusters are now fully occupied. A further five facilities under a forward-purchase arrangement with AME Elite are currently being developed at i-TechValley. Management continues to see healthy industrial activity across Johor, supported by Singapore spillover, competitive operating costs and improving cross-border connectivity. Occupier requirements range from 15k to 150k sq ft, spanning conventional manufacturing as well as higher-value activities across E&E, medical devices, pharmaceuticals and aerospace industries, alongside distribution and warehousing activities. Management also highlighted growing requirements for regional and global distribution facilities as companies increasingly use Johor as part of their wider supply-chain network. Maintain BUY and RM0.81 TP. - TA Research, Sept 11

MALAYSIA’S CPO inventory climbed for a fifth straight month in August, reaching the highest level this year at 2.8m mt as production continued to inch up while exports softened. We believe lacklustre exports are likely due to stiff competition from Indonesia, given the current wide gap in CPO prices of about RM1,000/mt between the two countries. Meanwhile, the spread between Malaysia’s CPO spot and futures prices has widened to around RM300/mt, as the market prices in a premium in anticipation of tightening supply conditions due to the El Nino phenomenon. We have recently revised up our full-year CPO price assumption to RM4,500/mt from RM4,400/mt for 2026 and 2027. Palm oil exports witnessed their first decline in three months, falling from 1.4m mt to 1.3m mt. Demand weakened from the EU (- 8.4%), India (-27%) and the Middle East (-73.5%), despite surging demand from China (+183.5%) and the US (+11%). The weaker export performance was likely due to stiff competition from Indonesian counterparts, given the steep discount of RM1,000/mt between Indonesian and Malaysian CPO prices. Indonesian exporters may have taken advantage of the spread between Indonesian CPO prices and Malaysian futures prices, which reached up to RM1,300/mt. CPO production increased by 1.4% MoM to 1.8m mt, led by higher production from Peninsular Malaysia (+2.5%), while East Malaysia remained flat. For the first eight months, total production remained flat at 12.6m mt. The decline in Sabah’s production on both a MoM and YoY basis was notable. Meanwhile, FFB yield declined to 10.84 mt/ha, down 1.5% YoY. Overweight on sector. Our top picks are Sarawak Plantation and Ta Ann. - PublicInvest Research, Sept 11

Source: Bloomberg, Phillip Capital Research

HEG has been awarded a RM25m contract to undertake power distribution system works for an advanced NAND flash memory manufacturer in Malaysia. The contract commenced on 10 Sept 26 and is expected to be completed within 20 weeks. This latest award marks HEG’s second contract from the same NAND customer this year, following a RM20m order secured in May 26. The recent semiconductor contract awards suggest that capex activity is beginning to pick up, broadly in line with management’s expectation of stronger industry activity in 2H26. We estimate 9% net margin on this project. The latest win brings YTD contract wins to RM305m, representing 76% of our RM400m replenishment target for 2026E, while outstanding order book now stands at RM320m, with 80-85% tied to data centre. Given the RM1.3bn tender book and several tenders’ pending finalisation, we believe HEG stands a good chance of exceeding our replenishment assumption. We keep our earnings forecast unchanged as the contract win falls within our replenishment assumptions. Trading at 14.6x forward PER, valuation remains attractive in our view, underpinned by our forecasted 55% EPS growth for 2027E. We see further upside to valuation as earnings momentum strengthens, with additional contract wins in the DC and semiconductor segments serving as key re-rating catalysts. Key downside risks include slower-than-expected order book replenishment, project execution delays, and cost overruns. Maintain BUY with TP of RM1.30. - Phillip Capital Research, Sept 11