Markets

VENDING massage chair operator RNG Tech Bhd has launched its prospectus for an ACE Market listing on Bursa Malaysia, aiming to raise RM16.4 million to expand its regional footprint.

Priced at 13 sen per share, the IPO will give the group an estimated market capitalisation of RM102.4 million.

The exercise comprises 126.1 million new shares (16% of enlarged share capital) and an offer for sale of 78.8 million existing shares.

Of the proceeds, RM4.9 million will fund new Rest N Go stations and premium outlets, RM2.2 million will go towards refurbishments, RM3 million for debt repayment, RM1 million for marketing, RM1.1 million for working capital, and RM4.2 million for listing expenses.

RNG Tech, which operates the “Rest N Go” brand, commands a 66.2% share of Malaysia’s vending massage chair market by revenue in 2025.

As at May 18, 2026, it operated 5,611 chairs across Malaysia, Singapore, Thailand, Cambodia and Brunei, while another 2,458 units were deployed in Vietnam and the Philippines under licensing arrangements.

For FY2025, net profit fell to RM6 million from RM14.5 million due to the absence of a one-off gain in 2024 and higher expansion-related costs, although revenue rose 22.3% to RM49.3 million. The IPO closes on June 24, with listing slated for July 7.

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BURSA MALAYSIA opened slightly lower on Tuesday as investors locked in gains following the previous session’s rally, with early profit-taking weighing on the benchmark index.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 4.48 points to 1,686.91 from Monday’s close of 1,691.39.

The benchmark index opened 0.07 of-a-point lower at 1,691.32.

Market breadth was negative, with losers outnumbering gainers 221 to 174. A total of 324 counters were unchanged, 1,990 untraded, and 25 suspended.

Turnover stood at 302.68 million shares worth RM143.85 million. 

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street extended its rally after United States President Donald Trump said that the US and Iran had reached an agreement to end the war.

“We, however, expect bargain hunting activities to take centre stage as the daily volume surpassed the five billion shares level.

“Thus, we expect the index to maintain its climb and hover within the 1,690-1,710 range today,” he said.

Among heavyweights, Maybank and Public Bank were flat at RM10.92 and RM4.92, respectively. Tenaga Nasional fell two sen to RM14.46, CIMB lost four sen to RM7.65, and IHH Healthcare slid five sen to RM8.64.

Among active stocks, Tanco rose half a sen to 13.5 sen, ACE Market debutant Elsa added three sen to 26 sen, while GIIB was flat at 48 sen. Hong Seng eased half a sen to one sen, and AirAsia X was down one sen to RM1.30.

Among top gainers, Hong Leong Financial increased 12 sen to RM18.54, Hong Leong Bank added 10 sen to RM21.76, IOI Properties rose six sen to RM4.24, while Critical and Powerwell were up five sen to RM1.18 and 89 sen, respectively.

Top losers included Malaysian Pacific Industries and Nestle, which slipped 62 sen each to RM48.38 and RM93.88, respectively. Negri Sembilan Oil Palms lost 18 sen to RM5.24, and UWC and Fraser & Neave decreased 10 sen to RM6.10 and RM27.40, respectively.

On the index board, the FBM Emas Index declined 27.81 points to 12,533.12, while the FBM Top 100 Index weakened 28.58 points to 12,366.13 and the FBM Emas Shariah Index edged down 34.90 points to 12,386.86.

The FBM Mid 70 Index dropped 23.53 points to 18,069.24, while the FBM ACE Index grew 21.79 points to 4,773.66.

By sector, the Financial Services Index shed 7.29 points to 19,984.06, the Plantation Index narrowed 29.32 points to 8,699.69, and the Industrial Products and Services Index erased 0.82 of a point to 188.82, while the Energy Index improved 0.11 of a point to 760.57. — BERNAMA

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Post our meeting with management, we upgrade Sarawak Plantation Bhd to Buy with a revised target price of RM3.90 (from RM3.55), based on FY27 earnings per share of 39.0sen, pegged to 10x price earnings ratio following our valuation rollover and earnings adjustments. Earnings growth should be driven by the maturation of c.1,500ha over FY26-27, supporting stronger fresh fruit bunches output, improving estate yields and firmer oil extraction rate. Upgrade to Buy; revised target price RM3.90.- MBSB Investment Bank Bhd (June 16, 2026)

(Calls by analysts tracked by Bloomberg: 2 Buy, 3 Hold, 0 Sell; Consensus target price:RM3.82)

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HSS Holdings Bhd’s IPO has garnered strong retail demand ahead of its ACE Market debut, with the public tranche oversubscribed by 10.56 times. 

The bakery product player, which is involved in sourcing, trading and manufacturing bakery products, said it received 5,097 applications for 289.1 million shares under the public portion, against the 25 million shares offered to Malaysian investors. 

The Bumiputera portion attracted 2,523 applications for 103.64 million shares, representing an oversubscription rate of 7.29 times, while the non-Bumiputera tranche saw 2,574 applications for 185.46 million shares, translating into an oversubscription rate of 13.84 times. 

HSS Holdings’ IPO comprises 75 million new shares and an offer for sale of 52.5 million existing shares. 

Of the new shares, 25 million are allocated to the Malaysian public, 10 million to eligible directors, employees and contributors under pink form allocations and 30 million via private placement to selected investors. 

A further 62.5 million shares comprising 10 million new shares and 52.5 million existing shares have been set aside for Bumiputera investors approved by the Investment, Trade and Industry Ministry (MITI). 

MD Goh Chen Chang said the response was an encouraging sign of investor confidence in the group’s business. 

“We are heartened by the encouraging response to our IPO from investors. This positive reception reflects confidence in HSS Holdings’ established market presence, diversified bakery product portfolio and broad distribution network built over more than two decades in the bakery products market,” he said. 

“With the proceeds raised, we aim to strengthen its production capabilities and operational efficiency to further enhance our ability to serve the market with a wide range of bakery products.” 

M&A Securities Sdn Bhd ED Datuk Bill Tan said the subscription rate reflected confidence in the group’s long-term prospects. 

“The strong oversubscription of HSS Holdings’ IPO reflects investor confidence in the Group’s business model, operating track record and future growth prospects,” he said. 

“Backed by an established distribution network, extensive product range and in-house brands, HSS Holdings is well-positioned to build on its market presence and pursue its next phase of growth as a listed company.” 

HSS Holdings is scheduled to list on the ACE Market of Bursa Malaysia on June 23. — TMR

• This article first appeared in The Malaysian Reserve weekly print edition

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KUALA LUMPUR — Bursa Malaysia’s key index advanced at Monday’s close, tracking gains across regional equities as geopolitical risk sentiment improved following an interim agreement between the United States and Iran to reopen the Strait of Hormuz, said analysts.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 7.76 points, or 0.46 per cent, to 1,691.39 compared with last Friday’s close of 1,683.63.

 The key index opened 6.76 points higher at 1,690.39 earlier today and moved between 1,688.04 and 1,697.48 throughout the session.

Market breadth was positive, with gainers outpacing losers 789 to 483, while 467 counters were unchanged, 1,034 untraded and 36 suspended.

Turnover surged to 5.02 billion units worth RM3.91 billion from 2.79 billion units worth RM2.31 billion last Friday.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the US-Iran agreement has reduced near-term concerns over energy supply disruptions and lowered geopolitical risk premiums across global asset markets.

“Although the path towards a comprehensive settlement remains uncertain, the de-escalation has provided a constructive backdrop for risk assets, supporting investor sentiment across emerging markets, including Malaysia,” he told Bernama.

Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said investors are advised to remain cautious as the peace agreement has yet to be formally signed and geopolitical risks have not been fully eliminated.

That said, easing crude oil prices and improving risk appetite across regional markets should lend support to the local bourse.

“Looking ahead, we maintain a cautiously optimistic view on the market, although investors are likely to remain selective amid lingering geopolitical uncertainties and concerns over the global economic outlook.

“As such, we expect the FBM KLCI to trend within the 1,680-1,700 range for the week,” he added.

Among the heavyweight counters, Maybank rose 20 sen to RM10.92, Public Bank added nine sen to RM4.92, Tenaga Nasional gained six sen to RM14.48, and CIMB jumped 30 sen to RM7.69, while IHH Healthcare fell nine sen to RM8.69. 

Among the active stocks, Hong Seng put on half a sen to 1.5 sen, ACE Market debutant Pentech perked up six sen to 26 sen and Dagang NeXchange climbed four sen to 40.0 sen, Tanco lost seven sen to 13.0 sen, and Zetrix AI was flat at 81.0 sen.

Of the top gainers, Malaysian Pacific Industries added RM1.50 to RM49.00, Fraser & Neave increased 76 sen to RM27.50, UMS soared 68 sen to RM8.70, UWC jumped 60 sen to RM6.20, and Pentamaster rose 52 sen to RM4.83.

Among the top losers, Nestle slipped RM1.10 to RM94.50, Paragon dipped 98 sen to RM2.29, Petronas Chemicals shed 82 sen to RM4.52, and Press Metal slid 57 sen to RM8.40, while Dutch Lady shed 24 sen to RM32.80. –BERNAMA

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FOREIGN institutions extended their net selling streak on Bursa Malaysia to a fifth consecutive week, recording net outflows of RM658.3 million for the week ended June 12.

The most heavily net-sold counters by foreign investors were Malayan Banking Bhd (Maybank), CIMB Group Holdings Bhd, Petronas Chemicals Group Bhd and Sunway Construction Group Bhd, according to MBSB Research’s weekly fund flow report.

During the same period, foreign investors were net buyers of RHB Bank Bhd, SD Guthrie Bhd, Mega Fortris Bhd and Westports Holdings Bhd.

Local institutions extended their net buying streak to nine consecutive weeks, with net inflows amounting to RM459.1 million. Retail investors also remained net buyers for a fifth straight week, recording net inflows of RM199.1 million.

Among retail investors, the top net-bought counters were CIMB Group Holdings Bhd, Malayan Banking Bhd, Heineken Malaysia Bhd and YTL Corp Bhd. –TMR

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GAMUDA Bhd’s current order book stands at RM52.3b; the group only needs to add another RM6b worth of jobs to meet its end-2026F target of RM50b. While Gamuda is projecting flattish new property sales of RM4b in FY26F, pre-sales trajectory should improve in FY27–28F with RM10b worth of new launches lined up in FY27F (including four new quick-turnaround projects worth RM4.1b). Maintain Buy with a lower sum-of-price-based target price of RM6.00. – CIMB Securities Sdn Bhd (June 15, 2025)

(Calls by analysts tracked by Bloomberg: 22 Buy, 0 Hold, 0 Sell; Consensus target price: RM5.47)

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BURSA MALAYSIA opened higher on Monday, tracking overnight gains on Wall Street as investors returned to technology stocks, which continue to benefit from the ongoing artificial intelligence (AI) supercycle.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.50 points to 1,691.13 from last week’s close of 1,683.63.

The key index had opened 6.76 points up at 1,690.39.

Market breadth was positive, with gainers leading losers 349 to 160. A total of 273 counters were unchanged, 1,915 untraded and 36 suspended.

Turnover stood at 539.66 million shares worth RM217.18 million.

Malacca Securities Sdn Bhd said in a note it expected the rebound in the technology sector and continued to favour semiconductor companies as they remain among the biggest beneficiaries of the AI supercycle.

“We believe overall investor risk appetite should remain highly elevated as Elon Musk’s SpaceX initial public offering makes its historic debut on Wall Street, closing at a US$2.1 trillion valuation on its first day of trading,” it said.

Among heavyweights, Maybank and CIMB rose 16 sen to RM10.88 and RM7.55 respectively. Public Bank added four sen to RM4.87, Tenaga Nasional increased 10 sen to RM14.52 and IHH Healthcare was up three sen to RM8.81.

Among active stocks, Hong Seng Consolidated was flat at one sen, Tanco was down five sen to 15 sen and Top Glove slid one sen to 79.5 sen. ACE Market debutant Pentech gained five sen to 25 sen, while AirAsia X was six sen firmer at RM1.26.

Among top gainers, Malaysian Pacific Industries rose RM1.28 to RM48.78, Nestle increased RM1.20 to RM96.80, Batu Kawan added 50 sen to RM20.80, Vitrox inched up 23 sen to RM7.47 and Sunway Construction accumulated 17 sen to RM7.22. 

Among top losers, Paragon fell 98 sen to RM2.29, Petronas Chemicals slid 47 sen to RM4.87,Ralco decreased 29 sen to 69 sen, Concrete Engineering lost 20 sen to RM4.00 and United Plantations was down 18 sen to RM31.32. 

On the index board, the FBM Emas Index gained 63.95 points to 12,538.57, while the FBM Top 100 Index perked 61.56 points to 12,377.50 and the FBM Emas Shariah Index edged up 31.92 points to 12,454.22.

The FBM Mid 70 Index jumped 118.27 points to 18,002.42, while the FBM ACE Index accumulated 43.79 points to 4,712.46.

By sector, the Financial Services Index surged 186.34 points to 19,830.70 and the Plantation Index expanded 15.95 points to 8,768.03, while the Industrial Products and Services Index shed 2.85 points to 194.08 and the Energy Index declined 9.41 points to 765.96. — BERNAMA

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