Key Indices
Top Stories
Company Results | Heineken Malaysia (HEIM MK/BUY/RM13.32/Target: RM21.80)
- Heineken’s 9M26 results broadly met expectations. Positively, while revenue and profit remained soft in 3Q26, the majority of the inventory adjustment was completed within the quarter and earnings should improve going into 4Q26. The seasonal boost to sales ahead of the year-end festivities should also lift earnings as the earlier CNY in 2027 should see more sell-in captured within 4Q26. Maintain BUY and target price of RM21.80 as the current price post-selldown offers an attractive entry point.
Company Results | SP Setia (SPSB MK/HOLD/RM0.605/Target: RM0.60)
- SP Setia’s results missed our expectations due to a weak performance from the property development segment. Management trimmed its 2026 launch target for the second consecutive quarter to RM3.99b amid softer residential demand, while pivoting towards industrial and commercial developments. Downgrade to HOLD with a lower target price of RM0.60 (from RM1.06), as we lift our discount to RNAV from 65% to 80% to reflect slower execution timelines, including its REIT listing that is now expected to happen in 3Q27.
Market Spotlight
- The FBMKLCI continued to slide by 8.88pt to close at 1,595.19 yesterday amid persistent selling pressure across index counters.
- Wall Street ended solidly higher on Wednesday on the back of technology stocks, as an upbeat financial outlook from neocloud firm CoreWeave, solid demand for Anthropic’s initial public offering, and surging revenue at OpenAI revived optimism around artificial intelligence.
Tehnical Analysis
FBMKLCI, FCPO & FKLI Index Outlook
Traders’ Corner
Globaltec Formation | GBLF MK
- Trading Buy Range: RM0.885-0.89
Mclean Technologies | MTB MK
- Trading Buy Range: RM0.695-0.70
Thong Guan Industries | TGI MK
- Trading Buy Range: RM1.51-1.52
Top Stories
Company Results | Heineken Malaysia (HEIM MK/BUY/RM13.32/Target: RM21.80)
- Heineken’s 9M26 results broadly met expectations. Positively, while revenue and profit remained soft in 3Q26, the majority of the inventory adjustment was completed within the quarter and earnings should improve going into 4Q26. The seasonal boost to sales ahead of the year-end festivities should also lift earnings as the earlier CNY in 2027 should see more sell-in captured within 4Q26. Maintain BUY and target price of RM21.80 as the current price post-selldown offers an attractive entry point.
Company Results | SP Setia (SPSB MK/HOLD/RM0.605/Target: RM0.60)
- SP Setia’s results missed our expectations due to a weak performance from the property development segment. Management trimmed its 2026 launch target for the second consecutive quarter to RM3.99b amid softer residential demand, while pivoting towards industrial and commercial developments. Downgrade to HOLD with a lower target price of RM0.60 (from RM1.06), as we lift our discount to RNAV from 65% to 80% to reflect slower execution timelines, including its REIT listing that is now expected to happen in 3Q27.
Market Spotlight
- The FBMKLCI continued to slide by 8.88pt to close at 1,595.19 yesterday amid persistent selling pressure across index counters.
- Wall Street ended solidly higher on Wednesday on the back of technology stocks, as an upbeat financial outlook from neocloud firm CoreWeave, solid demand for Anthropic’s initial public offering, and surging revenue at OpenAI revived optimism around artificial intelligence.
Tehnical Analysis
FBMKLCI, FCPO & FKLI Index Outlook
Traders’ Corner
Globaltec Formation | GBLF MK
- Trading Buy Range: RM0.885-0.89
Mclean Technologies | MTB MK
- Trading Buy Range: RM0.695-0.70
Thong Guan Industries | TGI MK
- Trading Buy Range: RM1.51-1.52
Key Indices
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