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HARTALEGA Holdings Bhd’s 1HFY26 core profit after tax and minority interest of RM25.1m came in above expectations, accounting for 61.6% of our full year forecast but below market expectation (31.9%). The outperformance was mainly attributed to stronger than-expected margin recovery and continued cost efficiency despite a softer topline. For 2QFY26, the group recorded a revenue of RM539.7m (-2.4% quarter-on-quarter (QoQ) -17.2% year-on-year) mainly due to lower average selling price and the strengthening of the Ringgit against the US dollar. Nonetheless, profitability improved as profit before tax rose 63.8% QoQ to RM23.5m (vs a loss of RM47.5m in 2QFY25), underpinned by lower material costs, improved hedging efficiency and automation-driven productivity gains. We upgrade our call to a Hold call with a higher target price of RM1.16 following our earnings upgrade. Our revised valuation is based on a 3-year average pre-covid-19 price to earnings ratio of 29x, pegged to FY27F earnings per share of 4.0 sen. – BIMB Securities Sdn Bhd (Nov 12, 2025)

(Calls by analysts tracked by Bloomberg: 2 Buy, 14 Hold, 5 Sell; Consensus target price: RM1.28)

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Mah Sing Group Bhd will acquire a 2.8-acre leasehold tract (99 years) near Karpal Singh Drive in Jelutong, Penang Island for RM51.8m (RM420 per square feet (psf)) from Penang Development Corp. Plans to develop a mixed development project (M Cora), with an indicative gross development value of RM528m. Positive on this news due to the competitive pricing of the property, strategic location, and proximity to the Bandar Sri Penang station along the Mutiara Line LRT. Maintain Buy with a sum-of-parts-based target price of RM1.90. – CIMB Securities Sdn Bhd (Nov 11, 2025)

(Calls by analysts tracked by Bloomberg: 12 Buy, 1 Hold, 0 Sell; Consensus target price: RM1.74)

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FOREIGN investors continued net selling on the local bourse, entering the into fifth consecutive week last week, posting a net outflow of RM85.4 million, with the top counters being Maxis Bhd, Frontken Corp Bhd, AMMB Holdings Bhd, YTL Power International Bhd and Tenaga Nasional Bhd (TNB).

The top three sectors that recorded net foreign inflows last week were plantation (RM138.4 million), consumer products and services (RM137.1 million) and healthcare (RM80.2 million), while the top three sectors that recorded net foreign outflows were utilities (RM134.3 million), telecommunications and media (RM91.4 million), and technology (RM83.4 million).

Local institutions extended to a five-week consecutive streak of net purchases, recording inflows of RM280.7 million, according to MBSB Research’s fund flow report for the week ended Nov 7 Nov.

In the same period, local retailers reversed a single week of net inflows, reverting to net selling at RM195.2 million. –TMR

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GAMUDA Bhd in collaboration with Perbadanan Kemajuan Negeri Perak (PKNPk) has signed a non-binding memorandum of understanding (MOU) with Perbadanan Bekalan Air Pulau Pinang (PBAPP) to explore the supply and sale of treated water from the Northern Perak Water Supply Scheme to Penang. Under the terms of the MOU, the water supply could be ready by the first quarter of 2031, and they aim to reach a formal agreement within the next six months. This development follows the July appointment of a joint venture between Gamuda and PKNPk to develop and operate the water treatment and distribution infrastructure in Kerian. The MOU marks a significant milestone towards project’s realisation, from which Gamuda stands to benefit through two income streams, construction revenue and recurring income after commercialisation. However, we keep our forecasts unchanged pending approvals and finalisation of the agreement. We retain our Outperform call on Gamuda with an unchanged sum-of-the-parts-based target price of RM6.20. – Public Investment Bank Bhd (Nov 7, 2025)

 (Calls by analysts tracked by Bloomberg: 18 Buy, 2 Hold, 0 Sell; Consensus target price: RM6.46)

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SD Guthrie Bhd reported 9MFY25 core profit after tax and minority interest (PATAMI) of RM1.9b, exceeding both our and consensus full year forecasts, accounting for 100% respectively. The positive deviation from our forecast was mainly on higher-than-expected realised average selling price and gains from land monetisation. The upstream segment remained the main earnings driver, supported by firmer realised crude palm oil and palm kernel prices, improved production and fresh fruit bunch yields, as well as cost efficiencies across Malaysia and Papua New Guinea. Conversely, the downstream segment continued to face margin pressure, particularly in European refineries. For the quarter, 3QFY25 core PATAMI rose sharply to RM863m (+139% year-on-year; +84% quarter-on-quarter), led mainly by the land-monetisation gain (RM378m from the sale to Eco Business Park 7) and improved downstream performance in the Asia Pacific bulk operations segment, supported by higher sales volume and better margins. The average production cost stayed lean at RM2,535/ metric tonne, aided by mechanisation progress, and better productivity, and lower fertiliser costs. Post earnings revision, we upgrade SD Guthrie to Buy with a higher target price of RM6.10. Our valuation is based on a higher historical average price-to-book value of 2x, pegged to FY26F book value per share of RM3.03. – BIMB Securities Sdn Bhd (Nov 6, 2025)

(Calls by analysts tracked by Bloomberg: 13 Buy, 5 Hold, 5 Sell; Consensus target price: RM5.78)

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UUE Holdings Bhd has secured a $20.9m dollar sub-subcontract (equivalent to c.RM67.3m) from Wee Guan Construction Pte Ltd for the installation of HDPE pipes using the HDD method in Singapore, with the contract period from Oct 31, 2025 to Dec 31, 2027. Following this award, UUE Holdings’ outstanding order book has increased to RM521.9m (3.1x FY25 revenue).The contract marks UUE Holdings’ largest contract value secured in Singapore since its listing and is expected to sustain the group’s earnings visibility through FY28. Earnings forecasts for FY26F-FY28F have been revised up by 0.7%/1.7%/1.5%, reflecting the stronger order book replenishment and improved earnings visibility. Upgrade to Buy with a higher target price of 67 sen, based on 19x FY27F earnings per share of 3.5 sen and appraised with a three-star ESG rating. – APEX Securities (Nov 5, 2025)

(Calls by analysts tracked by Bloomberg: 3 Buy, 0 Hold, 0 Sell; Consensus target price: 70 sen)

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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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