15/09/2026

BIZ & FINANCE TUESDAY | SEPT 15, 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

Petronas, Thai firm get govt nods on new PSC for block PETALING JAYA: PC JDA Ltd, a wholly owned subsidiary of Petronas Carigali Sdn Bhd, together with PTTEP JDX Thailand Ltd Co and PTTEP JDX Thailand (JDA) Ltd (collectively PTTEP JDX), has received approvals from the governments of Malaysia and Thailand, for the new Production Sharing Contract (PSC) for Block A-18-01 in the Malaysia-Thailand Joint Development Area (MTJDA). The parties also signed a Gas Sales Agreement (GSA) with Petroliam Nasional Bhd (Petronas) and PTT Public Company Ltd, supporting the continued supply of natural gas from the block to both countries. The exchange ceremony of the signed deals yesterday mark the culmination of extensive collaboration among the Malaysia Thailand Joint Authority (MTJA), PC JDA and PTTEP JDX to establish a new contractual framework linking the continued development of the existing Block A-18 (beyond the expiry of the current PSC on April 20, 2029) while incorporating an adjacent exploration area with an additional resource potential under the new PSC. With a 35-year term commencing from Jan 1, 2026, the new PSC for Block A-18-01 encompasses both the existing Block A-18 area and the additional new area, providing an integrated platform to sustain production, unlock further resource potential and optimise the block’s long-term development. PC JDA director Ainoor Abizzurin B Abdullah said, “The approval of the new PSC ushers in the next phase of development for Block A-18-01, reflecting the enduring resolve and strong collaboration between Malaysia and Thailand. As a key source of natural gas and condensate for both countries, this milestone reinforces our shared commitment to maximise value through enhanced resource monetisation and operational synergies”.

THE ringgit appreciated against most major and Asean currencies yesterday, although it declined against the US dollar. This fluctuation occurred amid rising Brent crude prices, as markets anticipated the upcoming Federal Open Market Committee (FOMC) and Bank of Japan (BOJ) meetings, said an analyst. At 6pm, the local currency depreciated to 4.0735/0770 against the greenback from last Friday’s close of 4.0685/0725. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Brent crude oil prices are currently hovering at around US$107 per barrel, adding to inflationary pressures as markets brace for the upcoming FOMC and BOJ interest rate decisions. “Inflationary bias would solidify the rate hike thesis this week. Following this, Asian currencies including the ringgit will remain guarded in the near term,” he told Bernama. At the close, the ringgit strengthened against the euro to 4.7008/7049 from last Friday’s 4.7178/7225, appreciated against yen to 2.6355/6380 from 2.6400/6428, and inched up vis-a-vis the British pound to 5.4931/4978 from 5.4961/5015 previously. Against its Asean peers, the ringgit firmed against the Singapore dollar to 3.2055/2085 from 3.2091/2125, and advanced against the Thai baht to 12.2445/2598 from 12.3072/3241. The local note also rose against the Indonesian rupiah to 230.5/230.8 from 231.0/231.3 last week, and ticked up vis-a-vis the Philippine peso to 6.48/6.49 from 6.49/6.50 previously. Ringgit ends higher against most major, Asean currencies

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.1430 2.9700 3.2600 2.9790 4.7940 2.4050 3.2600 5.5930 5.0910 3.4190 62.0100 65.7400 53.2500 4.4200 0.0246 2.7120 45.5900 1.5500 6.7000 114.5800 111.2100 26.4500 1.3200 43.8500 13.0400 113.8100 N/A

3.9950 2.8490 3.1580 2.8940 4.6360 2.3150 3.1580 5.4130 4.8720 3.1790 59.3500 60.4500 50.5600 4.1000 0.0217 2.5860 41.9200 1.3800 6.3000 108.7700 105.5800 23.8900 1.1500 39.9200 11.5600 107.8400 N/A

3.985 2.8330 3.1500 2.8820 4.6160 2.2990 3.1500 5.3930 4.8570

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

107.6400

2.9790

N/A

60.2500 50.3600 3.9000 0.0167 2.5760 41.7200 1.1800 6.1000 108.5700 105.3800 23.6900 0.9500 39.7200 11.1600 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

Economy Jobless rate holds at 3%

Power & Utilities Overweight

Retail Sales Consumer spending remains steady

AT THE recent Energy Regulatory Insights 2026, Economy Minister Akmal Nasrullah Nasir highlighted that energy reform is no longer a sectoral or regulatory matter but is now central to economic policy given that cost, reliability and the carbon profile of energy would increasingly influence investment decisions, industrial competitiveness and technology deployment. The Energy Commission (EC), meanwhile, highlighted that the energy landscape is being shaped by increasing uncertainty including geopolitical developments, weather-related risks and disruptions across global supply chains, which reinforces the need for a more resilient energy system. In the generation segment, the strong demand from DCs and industrial load underpins continued need for new generation capacity, while transmission and grid are becoming increasingly attractive as RE and DCs drive grid investments. For solar, large pipeline remains, although grid availability is increasingly an important consideration. The incremental 9GW gas-based generation capacity by 2032 underscores our sector thesis, which highlights the potential sharp drop in reserve margins once the short-term PPA extensions under NewGen25 drops off the grid by 2029-30. The strong demand growth from digital infrastructure buildout comes amid sizeable coal PPA expiries; some 7.1GW coal capacity is expiring between 2029-33 and the remaining 5GW between 2040-44, which is expected to lead to sustained undercapacity post-2032 without an acceleration in new plant ups. – TA Research, Sept 14 Source: TA Research, EC *Capacity addition estimates per the 2021– 2039 PGDP and NewGen25 awards

Source: TA Research, DOSM

MALAYSIA’s labour market remained broadly stable in July 2026, with the unemployment rate holding at 3% for the fourth consecutive month. The labour force increased marginally by 0.1% MoM to 17.36 million persons (June 2026: 17.34 million), while the labour force participation rate was unchanged at 70.9%. On an annual basis, however, the labour force contracted by 0.6% YoY. Employment continued to edge higher on a monthly basis, rising by 0.1% MoM to 16.85 million persons in July. Services remained the main source of employment gains, particularly in arts, entertainment & recreation, accommodation & food services, and financial & insurance/takaful activities. Employment also increased across agriculture, mining & quarrying, manufacturing and construction. Employees continued to account for the bulk of employment at 74.9%, while the number of own-account workers rose by 0.3% MoM to 3.16 million persons. Meanwhile, the number of unemployed persons rose slightly for the third consecutive month, increasing by 0.5% MoM to 520.3k in July from 517.8k in June. Nevertheless, the level remained 0.2% below a year earlier. The unemployment rate consequently stayed at 3%, suggesting that the recent increase in unemployment remains modest and has yet to signal a meaningful weakening in labour-market conditions. The latest data point to a gradual normalisation in hiring conditions rather than a deterioration in the labour market. Employment growth has softened on an annual basis, partly due to the stronger comparison base last year, while month-on-month employment continues to expand. – TA Research, Sept 14

Source: DOSM

MALAYSIA’s retail sales value increased by 6.4% YoY in July 2026, easing slightly from 6.6% YoY in the previous month. Among the major groups, non-specialised stores and other goods in specialised stores both grew faster during the month. As of YTD July 2026, retail sales value rose by 6.8% YoY (Jan-July 2025: +5.8%). By sales volume, total retail trade growth moderated marginally for the second consecutive month to 4.1% YoY (June 2026: +4.2%), with non-specialised stores remaining the main contributor and recording above-average growth over the past year. Meanwhile, wholesale trade growth continued to outpace retail sales growth for the fifth consecutive month since March 2026, likely driven by stronger wholesale activity in petrol, diesel and lubricants amid elevated global oil prices. In volume terms, wholesale trade growth moderated to 3.6% YoY in July 2026 (June 2026: +4.2%). Meanwhile, the motor vehicles segment recorded more moderate growth in both sales value (+7.9%) and volume (+6.2%), with higher sales of motor vehicles and motorcycles continuing to support the sector’s expansion. Resilient labour market conditions are expected to continue supporting the expansion of retail and wholesale trade, as well as Malaysia’s broader economic growth through sustained private consumption. – Phillip Capital Research, Sept 14