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TEO Seng Capital Bhd is one of the largest egg producers in Malaysia, having the capacity to produce 4.5m eggs/day. With ample experience for over 40 years in the industry, the group has developed into a fully integrated layer farming business, supported by complementary divisions to ensure its quality. Teo Seng’s earnings recorded an impressive 4-year compound annual growth rate of 157% for FY20-24, mainly due to improved operational efficiencies and government grants. Looking ahead, while we expect earnings for FY25-26F to decline by an average of 20% due to the absence of government subsidy, we take comfort in Teo Seng’s ongoing initiatives to enhance operational efficiency, which should help to mitigate the impact of subsidy removal. Additionally, we foresee rising egg demand, on the back of steady population growth in Malaysia and Singapore. Therefore, we expect earnings to rebound by 6% in FY27F. We initiate coverage on Teo Seng with a Neutral rating and a target price of RM1.05, pegging it to c.5x price earnings multiple based on FY26F earnings per share. – Public Investment Bank Bhd (Nov 4, 2025)

 

(Calls by analysts tracked by Bloomberg: 0 Buy, 1 Hold, 0 Sell; Consensus target price: RM1.05)

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UNISEM (M) Bhd delivered a solid 3Q25, with revenue up 3.7% quarter-on-quarter (QoQ) and 20.3% year-over-year (YoY) to RM493m, marking its 7th straight quarters of growth. Automotive (+47% YoY) and industrial (+27% YoY) segments led the charge, with Chengdu (UC) firing on all cylinders at peak utilisation.

In contrast, Malaysia (UM) operations, particularly Gopeng, continued to drag, hit by depreciation and suboptimal ramp-up. Still, earnings before interest, taxes, depreciation, and mortization margins improved to 18.8% (from 17.3%), and core  profit after tax and minority interest (PATAMI) jumped >100% QoQ to RM19.7m.

Cumulative 9M25 core PATAMI however declined 36% YoY mainly due to elevated depreciation (+12% YoY), which fell short of street estimates, but came in ahead of our more conservative expectations previously. Management declared a 2 sen dividend (Year-to-date: 6 sen).

Maintain Sell with a higher target price (TP) of RM2.65. Our new TP is based on a 39x price earning ratio (PER) (-1 standard deviation of 3-year historical forward PER) on 2026F earning per share of 6.8 sen. — BIMB Securities Sdn Bhd (Nov 3, 2025)

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BURSA Malaysia Bhd reported 3QFY25 net profit of RM63.8m (+11.9% quarter-on-quarter (QoQ); -25.5% year-over-year (YoY), while 9MFY25 net profit came in at RM189.3m (-21.3% YoY).

Although 9MFY25 results accounted for 71.4% of our FY25F forecast of RM265.2m, we deem the results in line with our expectations and consensus estimates on the back of a potentially stronger 4Q25.

The sequential recovery in results was largely due to an 18.5% QoQ rebound in equity market average daily value, which was underpinned by a 10% QoQ increase in securities market operating profit.

Following upward revisions of 7.8% and 11.5% to our FY26F and FY27F net profit forecasts, we raise our target price to RM8.86, transitioning from a discounted cash flow-based methodology to an FY26F price earnings ratio target multiple of 25.0x (0.5 standard deviation above 10-year mean).

Coupled with a fairly attractive FY26F dividend yield of 4.0%, total return on the stock now stands at +10.5%, justifying an upgrade to Buy from Hold. — CIMB Securities Sdn Bhd (Oct 31, 2025)

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BURSA Malaysia Bhd has received approval from the Securities Commission Malaysia (SC) to revise selected listing and regulatory-related fees, alongside implementing a new SC fee, the bourse announced today.

The revision, which applies to listing-related fees for the Main, Ace, and Leap markets as well as regulatory-related fees, will take effect on January 1, 2026.

Bursa said the move is the first adjustment to its regulatory fees since 2001 and its listing fees since 2007.

The additional revenue from the fee revision, mainly from annual listing fees, is expected to be RM28 million to RM34 million per year.

Bursa noted that the increase will not have a material impact on its earnings, taking into account the new SC fee announced earlier on October 17, 2025.

Bursa said the fee revision is timely and appropriate, reflecting the SC fee and higher regulatory costs, including manpower and systems, to support its role as both a frontline regulator and market operator.

The bourse added that specific notifications will be issued to relevant stakeholders. –TMR

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