Markets

KNM Group Bhd’s plan to dispose of its Italian subsidiary FBM Hudson Italiana SpA (FBMHI) has fallen through again, after one of the two prospective buyers withdrew its offer.

The financially troubled oil and gas services provider said it received a letter dated Sept 17 from Germany’s Terragarda GmbH revoking its joint offer with Switzerland-based SymbEx GmbH to acquire FBMHI and its wholly owned UAE unit.

“Pursuant thereto, the Offer is deemed terminated on even date,” KNM said in a Bursa Malaysia filing.

The collapse of the deal comes just six weeks after KNM announced it had finally secured a buyer for FBMHI following three failed attempts since May 2023.

The joint offer by SymbEx and Terragarda was valued at €19.5 million (RM101 million), comprising €8 million in cash and the assumption of €11.5 million in intercompany debt owed to FBMHI.

The buyers had also agreed to inject €5 million in working capital and provide a €3.2 million convertible loan to settle a term loan with Banco Popolare di Milano.

FBMHI, which mainly manufactures heat exchangers and high-pressure equipment, carries up to €35 million in existing debt in the form of banking facilities and creditor liabilities.

KNM said previously that FBMHI, despite recent profitability, required a significant and immediate capital injection to restructure its debt, bolster working capital to support its tender pipeline, and fund future growth initiatives — resources that KNM itself could not provide amid its ongoing restructuring efforts.

This is the fourth collapsed attempt to sell FBMHI.

Earlier bids included a €12 million offer by British Midland FZE in May 2023, a €22 million bid by UAE-based Petro MAT FZCO that failed to secure Italian Golden Power clearance in November 2023, and a €16.5 million joint offer by Italy’s BM Carpenterie Oil & Gas Srl and Officine Piccol SpA that also fell through in March 2024 for the same regulatory reason.

KNM separately announced in February this year that it had struck a €270 million (RM1.26 billion) deal to divest its German unit Deutsche KNM GmbH – the holding company of main earnings contributor Borsig GmbH – to Japan’s NGK Insulators Ltd, after multiple failed attempts to sell.

The group said it will make further announcements if there are any new material developments regarding FBMHI.

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RESINTECH Bhd has secured a contract worth US$3.93 million (RM16.5 million) from Phnom Penh Water Supply Authority (PPWSA), marking the group’s first phase of expansion into Cambodia.

The five-month contract, which commenced on Sept 15, covers the supply and delivery of HDPE pipes and fittings under Batch 1 to support PPWSA’s ongoing water infrastructure expansion in the Cambodian capital.

Resintech, a Main Market-listed manufacturer of plastic pipes, water tanks and fittings, said the award was secured via its wholly owned unit Resintech Plastics (M) Sdn Bhd.

It added that further phases are expected, with the potential value of the venture estimated at up to RM40 million.

“This contract marks an important milestone in our regional expansion strategy. Cambodia presents strong long-term demand for water infrastructure, and Resintech is proud to play a role in delivering high-quality solutions.

“With the orders secured so far, we are confident of achieving strong double-digit growth in both revenue and profit for FY2026, with a very good chance of delivering record-high topline and bottom line for the Group,” said its MD Datuk Dr Teh Kim Poo.

The project is supported by Agence Française de Développement (AFD), France’s development bank, which has financed major treatment plants and water network expansions in Cambodia for nearly two decades.

“AFD’s involvement underscores the importance and credibility of this project. Resintech is proud to be part of an internationally supported initiative that will not only enhance Cambodia’s water infrastructure but also deliver long-term benefits to communities and the environment,” Teh added.

Looking ahead, Resintech said it remains well-positioned to deliver record-high performance in FY2026, which coincides with the group’s Golden Jubilee celebration.

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UWC Bhd, an integrated engineering service provider which has moved up the value chain into producing critical, higher-margin, subsystems for front-end equipment, has been tagged ‘Outperform’ by Kenanga Research in its initiation coverage.

“This strategic move is significant as our back-of-the-envelope estimates suggest UWC’s share of the potential front-end equipment TAM [total addressable market] could be around RM750 million annually in the mid to long term, or double its FY2025 revenue.

“We forecast above-consensus earnings in FY26F (+21%) and FY27F (+32%), underpinned by the front-end semiconductor ramp-up and incremental back-end contributions, with our higher revenue assumptions translating into stronger earnings than the street. UWC is our top pick in the EMS and precision engineering space,” the research house said in a note released today.

It has a 52-week target price of RM3.82. The counter was trading at RM3.33 at 12.30pm today.

In its note, the unit of Kenanga Investment Bank Bhd noted that UWC was initially an integrated engineering service provider for back-end semiconductor, life sciences and medical tech industries.

The note added that semiconductor rebound remained a key catalyst.

“UWC counts several global semiconductor equipment leaders among its customers, with the semiconductor segment contributing 61% to FY25 revenue. The recovery is gaining traction, driven by rising orders from both front-end and back-end customers amid strong tailwinds from AI adoption.

“Notably, with tariffs now finalised, front-end momentum remains intact with minimal disruption, while on the back-end (BE), we see a strong ramp-up in memory-related testers in the coming quarters after one of its customers have been qualified by NVIDIA,” it said.

It said with UWC’s extensive capabilities and a comprehensive range of services, the company supports clients’ evolving needs from the supply of individual piece parts to the delivery of full turnkey assemblies.

“Leveraging its engineering expertise and technological capabilities, UWC continues to strengthen its position within the high-value front-end semiconductor supply chain, particularly in segments characterized by high complexity and entry barriers.

“The growing global demand for semiconductors, driven by innovation in AI, 5G, and electric vehicles has created new opportunities for UWC to expand its market share. Its continued focus on the front-end semiconductor segment remains a key catalyst for future growth,” it said. –TMR

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BURSA MALAYSIA kicked off the week on a positive note, buoyed by growing expectations of interest rate cuts ahead of the highly anticipated United States (US) Federal Open Market Committee (FOMC) meeting later tonight.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.16 points to 1,601.29 from last Friday’s close of 1,600.13.

The exchange and its subsidiaries were closed on Sept 15, following the additional public holiday declared in conjunction with Malaysia Day on Sept 16.

The index opened 2.09 points higher at 1,602.22 before paring some of its early gains.

Market breadth was positive, with 286 gainers and 152 decliners, while 317 counters were unchanged. Another 1,863 were untraded and seven were suspended.

Turnover stood at 173.30 million shares worth RM150.38 million.

Rakuten Trade Sdn Bhd head of research Kenny Yee Shen Pin said the local bourse appeared to be on solid ground, and he expected the FBM KLCI to hover within the 1,595–1,610 range today.

He noted that the FBM KLCI had surged to reach the 1,600 level last Friday (Sept 12), attributed to last-minute buying ahead of a long weekend.

“While the sustainability of this momentum remains uncertain, the underlying market strength supports a stable trading range,” he told Bernama.

Yee said interest was also centered on the purported talks between US President Donald Trump and Chinese President Xi Jinping, as the two powers reached an agreement to keep TikTok operating in the US.

On Wall Street, he said US stocks closed lower as traders locked in profits ahead of the FOMC’s interest rate decision and a statement by Federal Reserve chair Jerome Powell on future policy direction.

Among the heavyweights, Maybank was flat at RM9.87, while Public Bank added one sen to RM4.26, CIMB bagged nine sen to RM7.46 and IHH jumped 13 sen to RM7.38. Tenaga, however, fell eight sen to RM13.30.

In active trade, Pharmaniaga and Bumi Armada increased half a sen each to 25.5 sen and 34.5 sen respectively, Notion gained four sen to 53 sen, and JCY put on two sen to 33.5 sen. VS Industry decreased 1.5 sen to 53 sen.

On the broader market, the FBM Emas Index improved 27.45 points to 11,890.17, the FBMT 100 Index gained 23.63 points to 11,647.40, and the FBM Emas Shariah Index rose 16.62 points to 11,906.91.

The FBM 70 Index surged 100.90 points to 16,645.47, while the FBM ACE Index added 14.73 points to 4,817.00.

By sector, the Industrial Products and Services Index increased 1.37 points to 166.65, the Plantation Index advanced by 17.88 points to 7,717.42, the Financial Services Index rose by 51.73 points to 18,120.15, and the Energy Index climbed 6.38 points to 749.28. — BERNAMA

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HONG KONG – Asian markets struggled on Monday as traders geared up for an expected interest rate cut by the Federal Reserve this week, while more weak data showed China’s economy continues to struggle.

Equities have enjoyed a strong run-up over recent weeks as a string of data on jobs and inflation provided the US central bank with enough leeway to resume its rate reductions.

Wednesday’s policy decision follows figures showing the labour market continuing to soften, while prices have not spiked as much as feared in the wake of US President Donald Trump’s tariff war.

The keenly awaited meeting is expected to see the Fed lower borrowing costs 25 basis points, although some observers predict it could go to 50 points.

Trump said on Sunday “I think you have a big cut. It’s perfect for cutting”.

Still, Pepperstone’s Chris Weston wrote: “The market would be surprised if we saw any outcome other than a 25-basis-point cut from the Fed, even if several Fed governors do vote for a 50-basis-point cut.

“Attention will quickly turn to the tone of the (policy board) statement, the guidance from Powell’s press conference.”

The central banks of Canada, Britain and Japan are due to meet this week.

Asia fluctuated after a tepid Friday on Wall Street that saw the Nasdaq inch up to a new peak.

Shanghai and Hong Kong edged down after data showed further weakness in China’s economy, with growth in retail sales and industrial production much slower than forecasts.

“Given the slowdown of the past few months, we expect that there’s a strong case for additional short-term stimulus efforts,” said Lynn Song, chief economist for Greater China at ING.

And Sheana Yue of Oxford Economics warned “the economy could fall off a cliff in (the fourth quarter) if the sluggish July and August activity pace is sustained, bringing into focus — once again — the urgent need for stimulus”.

There were also losses in Singapore, Sydney, Taipei, Manila and Wellington.

But Seoul hit another record after South Korean officials scrapped a plan to lower the capital gains tax threshold for stock investors.

Jakarta and Bangkok also advanced, while Tokyo was closed for a break.

London, Paris and Frankfurt opened on the front foot.

In Sydney, ANZ bank, one of Australia’s “big four” lenders, retreated following news it had agreed to pay a record fine of Aus$240 million (US$159.5 million) over “widespread misconduct”.

Also in view are talks between China and the United States in Madrid that will cover a range of issues including trade, with an eye on a November deadline for their tariff pause.

Chinese Vice Premier He Lifeng and his team will also discuss their dispute over TikTok with the US delegation led by Treasury Secretary Scott Bessent.

The negotiations come after China launched two investigations into the US semiconductor sector on Saturday.

Key figures at around 0715 GMT

Hong Kong – Hang Seng Index: DOWN 0.1percent at 26,374.12

Shanghai – Composite: DOWN 0.3 percent at 3,860.50 (close)

Tokyo – Nikkei 225: Closed for a holiday

London – FTSE 100: UP 0.2 percent at 9,299.19

Euro/dollar: DOWN at $1.1727 from $1.1731 on Friday

Pound/dollar: UP at $1.3566 from $1.3560

Dollar/yen: DOWN at 147.53 from 147.67 yen

Euro/pound: DOWN at 86.44 pence from 86.52 pence

West Texas Intermediate: UP 0.5 percent at $62.97 per barrel

Brent North Sea Crude: UP 0.4 percent at $67.28 per barrel

New York – Dow: DOWN 0.6 percent at 45,834.22 points (close)

–AFP

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BURSA MALAYSIA is expected to move within the 1,580 to 1,620 points range in subdued trading next week due to a holiday-shortened period, with investors’ focus on the upcoming US Federal Open Market Committee (FOMC) meeting.

Bank Muamalat Malaysia Bhd’s chief economist, Dr Mohd Afzanizam Abdul Rashid, noted that the key index surpassed the psychological level of 1,600 points this week, on the back of the anticipation of an interest rate cut by the US Federal Reserve (Fed) next week. “The latest US Consumer Price Index, which came in within expectation, is seen to be allowing the Fed to ease its policy rate by 25 basis points,” he told Bernama.

Thus, traders and investors will be focusing on the FOMC decision, which will be out on Sept 18 (Malaysian time), he added.

“More importantly, they will scrutinise the quarterly forecast, whether the Fed will raise the quantum of monetary policy (easing) in the next two years. Typically, monetary easing would be positive for the equity market and therefore, the FBM KLCI is likely to stay above 1,600 points next week,” Mohd Afzanizam said.

Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said participation and volumes are likely to soften next week as investors stay cautious in the absence of fresh local catalysts, keeping the index largely in consolidation mode.

On a weekly basis, the FBM KLCI rose 21.98 points to 1600.13 on Friday from 1,578.15 on last Thursday. The market was closed on Sept 5 due to the Maulidur Rasul public holiday.

Bursa Malaysia will close on Sept 15, which is an additional public holiday in conjunction with the Malaysia Day holiday on Sept 16. It will resume operations on Sept 17.

The FBM Emas Index advanced 147.43 points to 11,862.72, the FBMT 100 Index gained 139.61 points to 11,623.77, and the FBM Emas Shariah Index jumped 214.77 points to 11,890.29.  The FBM ACE Index gained 63.54 points to 4,802.27 while the FBM 70 Index bagged 109.86 points to 16,544.57.

By sector,  the Plantation Index gained 95.11 points to 7,699.54, the Industrial Products and Services Index added 2.29 points to 165.28, but the Financial Services Index erased 46.02 points to 18,068.42. The Energy Index shaved 0.72 of a point to 742.9.

Weekly turnover surged to 12.52 billion units worth RM11.25 billion from 7.92 billion units worth RM7.89 billion in the previous week.

The weekly Main Market volume increased to 6.96 billion units valued at RM9.98 billion compared with 4.39 billion units valued at RM7.17 billion previously.

Warrant turnover accumulated to 4.03 billion units worth RM660.45 million from 2.44 billion units worth RM359.34 million in the preceding week.

The ACE Market volume rose to 1.52 billion units valued at RM610.19 million, versus 1.07 billion units valued at RM362.01 million previously. — BERNAMA

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by GLORIA HARRY BEATTY

MORE than 210,000 independent oil palm smallholders nationwide are expected to benefit from a new policy proposal by PNB Research Institute Sdn Bhd (PNBRI), aimed at strengthening competitiveness and improving livelihoods.

PNBRI is Permodalan Nasional Bhd (PNB)’s research arm. Its report “The Realities and Prospects of Sustainability among Oil Palm Smallholders in Malaysia” is one of the few national-level studies that focus on smallholder narratives, emphasising the current challenges and future prospects in adopting sustainable practices.

The report sets out 15 recommendations towards strengthening bargaining power, market access and  improving the livelihoods of its independent smallholders, towards  global competitiveness while balancing environmental, economic, and social imperatives. 

Among the strategies include a dedicated Technical and Vocational Education and Training (TVET) training scheme to prepare the next generation of smallholders to take over inherited land, faster compliance with sustainability requirements, stronger cooperative financing and clearer communication on the benefits of certification.

The “Agropreneur Sawit Muda” TVET training schemes are aimed to prepare next generation smallholder farmers who inherit land from their ageing parents to  continue the business.

Efforts for traceability and compliance across the entire oil palm value chain, including oil palm (fresh fruit bunches) FFB dealers and aggregators will be expedited to meet the aspirations of the National Agri-Commodity Policy 2021-2030’s (DAKN 2030).

Moreover, the report suggests empowering the Sustainable Oil Palm Growers’ Cooperative (KPSM) and other smallholder cooperatives with greater working capital to compete with private aggregators and move smallholders further down the value chain.

At the same time, it calls for renewing communication strategies on the benefits of sustainability certifications for smallholders, particularly the national imperative of becoming fully certified.

PNB group chairman Raja Tan Sri Arshad Raja Tun Uda said the report was the result of nearly two years of intensive research and fieldwork involving multiple stakeholders.

“The findings from this study also support PNB Group’s efforts to drive automation and smart farming in palm oil  under the government’s Gear-Up initiative, and the 13th Malaysia Plan’s (13MP) emphasis on improving local sustainability certification  standards. 

“More broadly, they reflect the overarching aspirations of the Madani Economy and 13MP to  reshape national development through technology-driven transformation, socioeconomic upliftment, and  sustainable prosperity for the nation as a whole,” he said at the launch of the report on Friday.

On a different note, he mentioned that independent oil palm smallholders remain at risk of being sidelined in the global sustainability agenda despite making up a critical part of Malaysia’s oil palm sector.

Raja Arshad said smallholders face compounding pressures of rising input costs, ageing trees and the financial burden of keeping up with sustainability standards.

“Yet, they are at risk of being left behind in the global push for sustainability. As found in this study, independent smallholders continue to face challenges. 

“These challenges place smallholders at the very heart of  policy debates on sustainability, economic inclusion, and  rural development. It is for these reasons that  smallholders deserve not only recognition but also targeted policy attention to ensure their competitiveness  and resilience,” he added.

Independent smallholders cultivate about 15% of Malaysia’s oil palm area and provide livelihoods for hundreds of thousands of families. By end-2024, 81% had obtained Malaysian Sustainable Palm Oil (MSPO) certification, which Raja Arshad described as “no small feat.”

He said the findings are intended to provide a balanced, evidence-driven view of the challenges in making Malaysia’s palm oil supply chain more sustainable and inclusive. 

“Our aspiration is for policymakers, industry leaders and civil society to take these insights forward, turning them into actionable strategies that improve both the livelihoods of smallholders and Malaysia’s standing as a global leader in sustainable palm oil,” he said.

Meanwhile, PNBRI CEO Dr Sarena Che Omar stated that the research institute is hopeful that its work will play a meaningful role in supporting this national agenda by generating knowledge  that informs policy and empowering stakeholders at every level. 

“This initiative aligns closely with PNB’s three-year strategic  plan, where ‘Knowledge’ is one of the key pillars to drive  transformation. Through this, PNB champions initiatives that empower Malaysians to make informed decisions and contribute to the development of the nation. We are truly  grateful to be part of this shared journey. 

“The ‘Palma’ report is a foundation, not a conclusion. It is an  invitation to continue working together with the government, industries, academia, and civil society, to create solutions that empower smallholders and strengthen  our national sustainability agenda,” she said.

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KUALA LUMPUR — Bursa Malaysia hit the 1,600 level and closed at its intraday high, rising 1.1 per cent as investors anticipated the United States Federal Reserves to cut rates as soon as next week, making ringgit-denominated assets more attractive on a currency-adjusted basis.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 17.28 points to 1,600.13 from Thursday’s close of 1,582.85. 

The index opened 5.19 points higher this morning, moved between 1,585.06 and 1,600.04, before settling at its intraday high.

In the broader market, gainers thumped losers 639 to 394, while 494 counters were unchanged, with 1,095 untraded and 11 suspended.

Turnover, however, trimmed to 2.23 billion units worth RM2.10 billion from 2.48 billion units worth RM2.32 billion yesterday.

SPI Asset Management managing director Stephen Innes said the anticipation of a shift in US monetary policy expectations has lifted the local bourse, riding the same global wave that has buoyed most equities across Asia.

“With the US inflation calm and the jobs market showing cracks, the Fed looks set to cut rates as soon as next week. That dovish tide has become the rising swell carrying virtually every market, Malaysia included,” he told Bernama.

Innes added that the short-term outlook is optimistic for Bursa Malaysia as a softer Fed typically weakens the dollar, which in turn makes ringgit-denominated assets more attractive.

“That flow dynamic is important for global funds, especially at a moment when US equities are trading at stretched valuations. The relative discount of ASEAN markets offers a natural rotation play, and Malaysia’s index is benefitting from that shift in allocation,” he said.

 Bursa Malaysia will close on Sept 15, which is an additional public holiday in conjunction with Malaysia Day on Sept 16.

It will resume operations on Sept 17.

Elsewhere, at the time of writing,  South Korea’s Kospi added 1.35 per cent to 3,389.46 and Japan’s Nikkei 225 perked up 1.05 per cent to 44,838.65 but Hong Kong’s Hang Seng fell 0.43 per cent to 26,086.32, and Singapore Strait Times Index was 0.33 per cent down to 4,341.66.

Among the heavyweights, Maybank advanced 10 sen to RM9.87, Public Bank rose three sen to RM4.25, CIMB was 13 sen higher at RM7.37 and Tenaga Nasional advanced 16 sen to RM13.38.

For active stocks, Pharmaniaga was half-a-sen higher at 25 sen, VS Industry lost half-a-sen to 54.5 sen, Tanco and Velesto both earned 1.5 sen to 82.5 sen and 23 sen respectively.

Top gainers for the day were led by Nestle, jumped RM2.40 to RM97.90, Telekom was 71 sen higher at RM7.73, KSL Holdings edged up 50 sen to RM2.47.

Hong Leong Industries and PPB Group were the top losers, dropping 18 sen and 17 sen to RM13.60 and RM9.93 respectively.

On the index board, the FBM 70 Index advanced 75.83 points to 16,544.57, while the FBM ACE Index earned 52.56 points to 4,802.27 and the FBM Emas Shariah Index garnered 114.35 points to 11,890.29.

The FBM Emas Index surged 107.68 points to 11,862.72 and the FBMT 100 Index climbed 107.97 points to 11,623.77.

By sector, the Industrial Products and Services Index edged up 0.95 of a point to 165.28, the Plantation Index gained 13.98 points to 7,699.54, while the Financial Services Index added 115.16 points to 18,068.42 and the Energy Index advanced 5.37 points to 742.90.

The Main Market volume slipped to 1.34 billion units valued at RM1.87 billion from 1.39 billion units valued at RM2.04 billion on Thursday.

Warrant turnover declined to 519.23 million units worth RM83.64 million from 771.31 million units worth RM135.34 previously.

The ACE Market volume rose to 369.5 million worth RM143.0 million from 314.81 million worth RM141.82 million.

Consumer products and services counters accounted for 209.00 million shares traded on the Main Market, industrial products and services (232.11 million), construction (109.18 million), technology (162.90 million), financial services (52.79 million), property (161.81 million), plantation (28.66 million), REITs (23.46 million), closed/fund (546,800), energy (129.37 million), healthcare (109.59 million), telecommunications and media (38.23 million), transportation and logistics (33.90 million), utilities (44.22 million), and business trusts (13,600). — BERNAMA

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KUALA LUMPUR — Bursa Malaysia opened higher on Friday after pausing the previous day, tracking global gains as investors grew more confident that the United States (US) Federal Reserve (Fed) will cut rates next week.

Markets are pricing in a rate cut after US jobless claims climbed to their highest level in nearly four years, lifting sentiment on the local bourse, dealers said.

At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.86 points to 1,585.71 from Thursday’s close of 1,582.85. 

The index had opened 5.19 points higher at 1,588.04.

Market breadth was positive, with 222 gainers outpacing 91 losers. Another 224 counters were unchanged, 2,085 untraded and 11 suspended. Turnover stood at 120.33 million shares worth RM64.91 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI took a breather on Thursday, slipping towards the 1,580 level after a bright start to the week.

“Hopefully we will see an immediate rebound as the local bourse remains one of the underperformers in the region. However, in view of another extended long weekend, we expect the index to just hover between the 1,575 and 1,585 range today,” he said.

Among heavyweights, Maybank eased one sen to RM9.76, Public Bank was flat at RM4.22, CIMB Group rose two sen to RM7.26, Tenaga Nasional gained six sen to RM13.28, and IHH Healthcare was unchanged at RM7.15.

In active trade, TWL Holdings was flat at three sen, Pharmaniaga added half-a-sen to 25 sen, Classita Holdings slipped half-a-sen to nine sen, and Bermaz Auto shed four sen to RM3.63.5.

Malaysian Pacific Industries led gainers, rising 36 sen to RM28.58. Hong Leong Bank advanced 16 sen to RM20.30, Country View added 13 sen to RM2.27, and United Plantations climbed 12 sen to RM22.60.

Nestle was the top loser, falling 40 sen to RM95.10. Hong Leong Industries eased 12 sen to RM13.66, Kelington Group warrants dropped five sen to RM3.85, and Coastal Contracts slipped five sen to RM1.13.

Across the broader market, the FBM Emas Shariah Index rose 39.15 points to 11,815.12, the FBM 70 Index added 91.79 points to 16,560.53, the FBM Emas Index gained 29.52 points to 11,784.56, the FBMT 100 Index advanced 31.43 points to 11,547.23, and the FBM ACE Index edged up 7.92 points to 4,757.63.

By sector, the Industrial Products and Services Index improved 0.66 of-a-point to 164.99, the Plantation Index added 4.53 points to 7,690.09, and the Energy Index gained 2.45 points to 739.98, while the Financial Services Index slipped 5.07 points to 17,948.19. — BERNAMA

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UMediC Group Bhd’s 4QFY25 core profit after tax and minority interests came in at RM2.9m (+60.0% quarter-on-quarter, -6.2% year-on-year (YoY)), brought FY25 sum to RM8.2m (-15.4% YoY). This came in above our and consensus full year estimates.

The positive deviation stemmed primarily from the stronger-than-expected profit before tax (PBT) margin realised in the distribution division.

As such, we raised our FY26-27 profit forecasts by +16%/+12% to mainly reflect higher PBT margin assumptions for its distribution division. Despite the earnings revision (which led to higher target price), we maintain our Hold rating on UMedic as share price has run ahead of fundamentals. — HLIB Research, a unit of Hong Leong Investment Bank Bhd (Sep 12, 2025)

(Calls by analysts tracked by Bloomberg: 1 Buy, 2 Hold, 0 Sell; Consensus target price: 39 sen)

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