Markets

HOME improvement product distributor and retailer Teamstar Bhd is targeting to raise RM53.04 million from its ACE Market debut on Feb 25, after fixing its IPO price at 26 sen per share.

The IPO involves 204 million shares, comprising 132 million new shares and 72 million existing shares.

The public issue is expected to raise RM34.32 million, while the offer for sale will allow existing shareholders to realise RM18.72 million. Applications opened today and will close on Feb 9.

Of the total shares offered, 40 million are allocated to the Malaysian public, 16 million to eligible directors, employees and contributors, 48 million to selected investors, and 100 million to identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry.

Proceeds from the public issue will mainly fund business expansion.

Teamstar plans to allocate RM23.2 million to develop three new warehouses to address capacity constraints and support new product and outlet rollouts.

The group also aims to open 10 new retail outlets nationwide, expanding its current network of 28 Teamstar outlets and one Benova outlet.

The remaining proceeds will be used for working capital, repayment of bank borrowings and listing expenses.

Founded nearly three decades ago, Teamstar operates factories and warehouses in Selangor, Johor and Penang.

TA Securities Holdings Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO. — TMR

The post Teamstar eyes RM53m from 26 sen ACE Market IPO appeared first on The Malaysian Reserve.

KUALA LUMPUR — Bursa Malaysia extended its upward momentum on Tuesday, opening 0.63 per cent higher to reach a new peak not seen since June 2018, supported by continued foreign fund inflows following heavy outflows last year.

As at 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 11.11 points to 1,755.18 from Monday’s close of 1,744.07, after starting the session 5.18 points higher at 1,749.25.

The benchmark index also moved past its previous high of 1,755.14 recorded on June 5, 2018.

In the broader market, gainers led losers 244 to 149. Some 346 counters were unchanged, while 1,999 were untraded and 66 suspended.

Turnover totalled 212.73 million shares valued at RM169.47 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng noted that Wall Street trended higher, while the US 10-year yield eased slightly to 4.213 per cent.

Back home, he said the FBM KLCI surged to a seven-year high underpinned by foreign funds accumulation.

“We believe foreign funds will continue to flow into Malaysia following a massive outflow last year. However, we anticipate an intermittent correction in the near term, so expect the index to trend within the 1,740-1,750 range today.

“Meanwhile, we noticed an uptick in crude palm oil futures, supported by improving demand ahead of the forthcoming Chinese New Year and Ramadan festivities. In addition, the ringgit has finally broken the 4.0 mark, the highest since 2018,” he said.

Among heavyweight stocks, Maybank rose 14 sen to RM11.64, Tenaga Nasional added 12 sen to RM14.10, CIMB was 11 sen higher at RM8.73, Press Metal increased nine sen to RM7.65, and Petronas Chemicals appreciated six sen to RM3.40.

On the most active list, Greentronics and SP Setia added 1.5 sen each to 25 sen and 97 sen, respectively. AirAsia X rose nine sen to RM2.28, while Capital A was flat at 59 sen. MMAG fell half a sen to 4.5 sen, and ACE-debutant One Gasmaster slid 2.5 sen to 22.5 sen.

Top gainers included Nestle, which increased 30 sen to RM116.30, Malaysian Pacific, gaining 20 sen to RM32.78, Hong Leong Bank rising 18 sen to RM24.68, Malayan Cement being 15 sen firmer at RM7.90, and Hong Leong Financial appreciating 12 sen to RM21.42.

Leading decliners were United Plantations, which decreased 16 sen to RM30.70, Petronas Gas and QL Resources slipping 12 sen each to RM18.46 and RM4.13, Spritzer losing eight sen to RM3.0, and Ajinomoto being six sen weaker at RM13.70.

On the broader market, the FBM Emas Index advanced 66.92 points to 12,866.07, the FBM Top 100 Index firmed up 69.06 points to 12,669.23, and the FBM Emas Shariah Index expanded 29.83 points to 12,430.22.

The FBM Mid 70 Index gained 46.22 points to 17,677.05, but the FBM ACE Index declined 5.67 points to 4,843.04.

Sector-wise, the Financial Services Index surged 216.42 points to 21.413.65, the Energy Index inched up 3.33 points to 768.19, and the Industrial Products and Services Index edged up 1.12 points to 178.40.

The Plantation Index lost 3.19 points to 8,441.94. — BERNAMA

The post Bursa Malaysia opens 0.63% higher, hits fresh high since June 2018 appeared first on The Malaysian Reserve.

GOLD rose, holding above $5,000 an ounce for a second day, as a weak dollar helped to extend a rally fueled by geopolitical risks and investor flight from sovereign bonds and currencies.

Bullion jumped as much as 1.1% early on Tuesday, its seventh straight day of gains. A gauge of the dollar fell to the lowest in nearly four years during the previous session, making gold more affordable for most buyers, while US President Donald Trump threatened to hike tariffs on South Korean goods to 25%.

Gold’s dramatic rally – the metal has more than doubled over the last two years – drives home bullion’s historic role as a gauge of fear in markets. Fresh from its best annual performance since 1979, it’s gained a further 17% so far this year due largely to the so-called debasement trade, whereby investors retreat from currencies and Treasuries. A massive selloff in the Japanese bond market is the latest example of investors rejecting heavy fiscal spending.

In recent weeks, the Trump administration’s actions — attacks on the independence of the Federal Reserve, threats to annex Greenland, military intervention in Venezuela — have also shaken markets. The US leader’s warning to South Korea follows a threat to Canada over the weekend to impose 100% tariffs if Ottawa makes a trade deal with China.

Options traders are betting gold will rally further as investors diversify from American assets. Implied volatility of Comex gold futures climbed to the highest since the peak of the Covid-19 pandemic in March 2020, while volatility on State Street’s SPDR Gold Shares — the world’s largest gold-backed exchange-traded fund — has also broken out higher.

Looking ahead, investors will also be keeping a close tab on the Federal Reserve’s actions on Wednesday, with the US central bank widely expected to halt its rate-cutting cycle as a steadier jobs market restores a degree of consensus after months of growing division.

Gold rose 0.9% to $5,051.50 an ounce as of 8:15 a.m. in Singapore. Silver advanced 3.6% to $107.49 an ounce, having hit an all-time high above $117.71 in the previous session before retreating. Platinum and palladium climbed, while the Bloomberg Dollar Spot Index was flat after falling 0.4% in the previous session. –BLOOMBERG

The post Gold extends gains above US$5,000 as debasement trade gathers pace appeared first on The Malaysian Reserve.

MALAYSIA’S corporate bond market is expected to remain robust in 2026, with gross issuance projected at RM130 billion to RM140 billion, following a record-breaking year in 2025.

The Malaysian corporate bond market saw a record high in issuances last year, with gross issuance totalling RM174.4 billion from 205 issuers, significantly exceeding the RM124.2 billion registered in 2024, which involved 171 issuers.

The financial sector once again led the market, contributing RM57.6 billion, followed by the real estate sector with RM27 billion.

“We expect corporate bond financing to remain strong in 2026, albeit at a more moderate level than 2025,” RAM Rating Services Bhd said.

“Gross issuance is projected to reach RM130 billion-RM140 billion, still above the historical average (2017-2024) of around RM122 billion, supported by financial institutions’ capital raising plans, continued refinancing activities amid favourable rates, infrastructure funding needs and the positive market momentum carried over from 2025,” the rating agency added.

In the government bond space, gross issuance of Malaysian Government Securities (MGS) and Government Investment Issues (GII) eased to RM168.5 billion in 2025 from RM176.7 billion the previous year.

Issuance is projected to rise to RM175 billion to RM185 billion in 2026 due to increased refinancing needs for maturing debts.

However, net supply next year is expected to be lower because of a smaller government deficit financing requirement.

Foreign investor participation in the Malaysian bond market strengthened markedly last year, with foreign net inflows jumping to RM25.6 billion from RM4.8 billion in 2024, marking the largest inflow since 2021.

The inflows were concentrated in April at RM10.2 billion and May at RM13.4 billion, driven by expectations of the US Federal Reserve’s (Fed) rate cuts.

“We expect foreign investor demand for Malaysian bonds to stay healthy in 2026, backed by resilient domestic economic conditions and global monetary easing prospects, which should enhance the yield differential in favour of ringgit bonds,” the report said.

The report added that the timing and pace of US monetary policy adjustments will continue to drive global fund flows.

“Given increasing signs of economic weakness in the US, we expect the Fed to cumulatively reduce rates by at least 50 basis points (bps) by year end,” RAM Ratings stated.

It noted that, “as we expect the Overnight Policy Rate (OPR) to stay unchanged at 2.75% this year, Fed cuts will help further improve the attractiveness of Malaysian bonds.” — TMR

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

The post Corporate bond issuance at RM130b-RM140b in 2026 appeared first on The Malaysian Reserve.

The stock faced a brutal sell-off on Jan 19, plummeting as much as 65% or 29 sen to a 3-year low of 15.5 sen

by RUPINDER SINGH

SMRT Holdings Bhd’s market capitalisation more than halved a week ago following a scathing report by Hong Leong Investment Bank Bhd (HLIB Research), which projected a potential revenue shortfall from its primary contributor, Tenaga Nasional Bhd (TNB).

The stock faced a brutal sell-off on Jan 19, plummeting as much as 65% or 29 sen to a three-year low of 15.5 sen.

The drop brought the counter within just one sen of hitting its 30-sen limit down threshold.

The volatility prompted Bursa Malaysia to suspend Intra-day Short Selling (IDSS) shortly after the opening bell on Jan 19; trading resumed at 8:30am on Jan 20.

SMRT emerged as the most actively traded stock on the exchange, with 186.2 million shares changing hands.

The Wipeout

Before the downgrade, SMRT entered the week with a market capitalisation of about RM203 million, based on its Jan 16 closing price of 44.5 sen.

At its intra-day low of 15.5 sen on Jan 19, the group’s valuation briefly shrank to roughly RM71 million, translating into a wipeout of about RM133 million in shareholder value from its Jan 16’s peak.

As of the morning of Jan 20, the stock showed signs of stabilising, trading 2.7% higher at 19 sen, which lifted its market capitalisation to around RM87 million — representing a total loss of RM116 million in shareholder wealth over two trading sessions.

The catalyst for the rout was HLIB Research’s decision to slash its target price (TP) for SMRT by nearly 75% to 32 sen from RM1.24 and downgrade the stock from ‘Buy’ to ‘Sell’.

The research house cited a sharp slowdown in deployment activity for TNB, which underpinned previous growth projections for the group’s wireless connectivity business.

“This came as a negative surprise and indicates a sharp earnings reset, given that c38% of group earnings were previously driven by one-off deployment revenue,” HLIB Research said.

“The anticipated step-down in TNB’s contribution invalidates our prior ‘Buy’ thesis.”

HLIB Research noted that SMRT, through its subsidiary N’osairis Technology Solutions Snd Bhd (NTS), provides end-to-end wireless network connectivity solutions.

In the first quarter of 2026 (1Q26), around 38% of group earnings came from one-off deployment projects, with the remaining 62% contributed by recurring managed services.

“We estimate that >90% of the one-off component is attributable to TNB,” the research house said.

Management has guided that site deployments are expected to fall to fewer than 100 sites from financial year 2027 (FY27) onwards, compared to a historical run rate of about 3,000 sites.

“As a result, upcoming TNB deployments are likely to be immaterial relative to historical run rates, suggesting a steep decline in one-off revenue from this customer going forward,” HLIB Research said.

HLIB Research subsequently cut FY26F, FY27F and FY28F earnings forecasts by 18%, 41% and 44%, respectively and rebased SMRT’s valuation multiple to eight times price-to-earnings (PER) from 20 times previously.

“Our previous ‘Buy’ thesis on SMRT was anchored on earnings upside from TNB, driven by a large pool of unconnected sites and TNB’s Smart Grid rollout.

“With new site deployment now expected to slow materially, our earlier thesis is no longer intact,” the research house said.

Contracts Remain Intact

In response, SMRT issued a clarification on Bursa Malaysia, referring to an article published by a local business daily on Jan 19, stressing that its contracts with its major customer remain intact, and that concerns raised relate only to a potential slowdown in future one-off deployment revenue.

“For clarity, the company’s IT services revenue is derived from two business activities,” SMRT said. These comprise “one-off revenue from new deployments” and “recurring revenue from managed services”. It explained that for new deployments, “the company designs communication system, supplies the necessary hardware and carries out configuration and integration work to deploy the communication system at customer’s sites”.

For managed services, the company stated that once deployment is completed, it provides 24/7 service, monitoring and technical support on the communication systems throughout the duration of the contract, typically spanning three to five years after deployment and subject to renewal.

SMRT stated that “the company’s contracts with its major customer for both the above-mentioned business activities remain in place”, adding that “the statements in the article relate only to a possible slowdown in future one-off revenue from new deployments”.

The company clarified that despite this, its existing managed services contracts with its major customer continues to generate recurring revenue, and the managed services business activity remains the its largest revenue generating business activity.

Regarding the expected slowdown, SMRT said it “anticipates a possible slowdown in one-off revenue from new deployments due to a possible increase in number of companies within the space of such deployment services”.

But it also stressed that “whether the possible slowdown in revenue of the company actually materialises, is dependent on the volume of new deployment contracts that the company receives from its major customer”.

Looking ahead, SMRT said it will continue tendering for new deployment contracts with its major customer while continuing to provide managed services to existing sites, noting that its managed services contracts continue to generate recurring revenue and remain in place.

The group also highlighted overseas expansion, stating that its revenue from foreign customers has grown by approximately 63% from FY23 to FY25, supported by managed services and deployment activities in Indonesia and the Philippines.

SMRT further pointed to its strategic technology collaboration and engagement agreement with Kuasa Aktif Sdn Bhd, saying that “the rationale for the collaboration agreement and gaining access to the patented technology is to explore the possibility of incorporating additional technology solutions to the company’s deployment services”, with the aim of improving efficiency and broadening connectivity.

“By incorporating patented technology, the company’s deployment services may also become more exclusive and defensible, given that they will be patent protected,” it said.

However, SMRT cautioned that it is unable to quantify the impact to its revenue from FY27 onwards, as this depends on the timing and volume of future deployment contracts awarded to

Limited Alternatives, Valuation Reset

Meanwhile, HLIB Research noted that alternative growth avenues, including the financial services industry and early-stage penetration into Indonesia’s power sector, could provide some diversification, but are unlikely to fully offset the earnings shortfall from TNB in the near term.

“While growth from financial service industry and early-stage penetration into Indonesia’s power sector could provide alternative earnings drivers, we see limited scope for these to fully offset the near-term earnings gap from TNB,” it said.

HLIB Research also noted that SMRT’s collaboration with Kuasa Aktif “offers longer-term optionality via IP-protected solutions but has yet to yield a commercial product for TNB”.

In light of the weaker earnings outlook, HLIB Research rebased SMRT’s valuation to eight times PER, down from 20 times previously.

“We downgrade the stock to ‘Sell’ (from ‘Buy’) with a lower TP of 32 sen (from RM1.24), as earnings visibility deteriorates amid an expected sharp step-down in TNB’s contribution,” the research house said.

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

The post Revenue shock wipes out RM116m SMRT market cap appeared first on The Malaysian Reserve.

KUALA LUMPUR — Bursa Malaysia extended its upward momentum to close at its highest level in more than seven years, supported by strong buying interest in blue-chip stocks from both local institutional and foreign investors, an analyst said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) soared 24.08 points or 1.40 per cent to 1,744.07 from last Friday’s close of 1,719.99. 

The index surpassed its previous peak of  1,740.59 on Oct 17, 2018.

The barometer index opened 1.64 points firmer at 1,721.63, its lowest level in early trade, before climbing steadily to an intraday high of 1,746.98 during the mid-afternoon session. 

However, market breadth was negative with decliners outnumbering gainers 631 to 591, while 498 counters were unchanged, 1,008 untraded and 39 suspended. 

Turnover improved to 3.50 billion units worth RM4.07 billion from last Friday’s 3.40 billion units worth RM3.49 billion.  

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that buying interest continues to be broad-based, with sentiment still skewed to the upside. 

He said the benchmark index remains firmly on an upward path after breaking several key historical levels and reaching fresh multi-year highs. 

“That said, some profit-taking may emerge after several sessions of strong gains. 

“As long as the index holds above the 1,700-1,720 support zone, the next leg higher remains intact,” he said, adding that he expects the FBM KLCI to trade within the 1,720-1,750 range this week.

Thong said the strengthening of the ringgit, which has appreciated to 3.97 to the US dollar, further lifted overall market sentiment. 

Meanwhile, IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the equity rally is not occurring in isolation but is being led and anchored by earlier appreciation in the currency. 

“This currency-led sequencing, which contrasts with speculative episodes where equities typically lead and currencies lag, suggests investors are recalibrating Malaysia’s risk premium and positioning for a more durable, fundamentals-based repricing rather than chasing short-term gains,” he said.

Mohd Sedek opined that the FBM KLCI’s outstanding performance resulted from global fund managers’ continued increase exposure to Malaysian equities, reflecting a reassessment of Malaysia’s macroeconomic and policy fundamentals. 

Additionally, the outperformance stood out against a mixed regional backdrop as investors assessed ongoing geopolitical developments and trade-related uncertainties.

Among heavyweights, Maybank added 14 sen to RM11.50, Public Bank gained nine sen to RM4.87, CIMB advanced 32 sen to RM8.62, Tenaga Nasional increased 18 sen to RM13.98, and IHH Healthcare rose six sen to RM8.66. 

On the most active list, Capital A put on 4.5 sen to 59 sen, AirAsia X rose 35 sen to RM2.19, and Press Metal advanced 15 sen to RM7.56, while Velesto Energy was flat at 31 sen. 

Top gainers included Nestle, which advanced 80 sen to RM116.00, Dutch Lady Milk Industries gained 78 sen to RM33.12, while Hong Leong Bank and BLD Plantation improved 50 sen each to RM24.50 and RM15.80, respectively. 

As for the top decliners, Malaysian Pacific Industries decreased 54 sen to RM32.58, SAM Engineering and Equipment fell 20 sen to RM3.50, ENRA Group declined 19 sen to 41 sen, and Hong Leong Industries dipped 16 sen to RM17.02.

On the index board, the FBM Top 100 Index gained 144.37 points to 12,600.17, the FBM Emas Index rose 138.61 points to 12,799.15, the FBM Mid 70 Index climbed 68.61 points to 17,630.83, and the FBM Emas Shariah Index increased 90.74 points to 12,400.39, while the FBM ACE Index erased 56.34 points to 4,848.71.

Sector-wise, the Financial Services Index jumped 394.06 points to 21,197.23, the Industrial Products and Services Index edged up 0.79 of-a-point to 177.28, and the Plantation Index surged 75.37 points to 8,445.14, and the Energy Index eased 4.52 points to 764.86.

The Main Market volume expanded to 2.06 billion units worth RM3.76 billion from last Friday’s 1.92 billion units worth RM3.22 billion.

Warrants turnover swelled to 999.45 million units worth RM132.75 million from 980.15 million units worth RM109.52 million previously. 

The ACE Market volume declined to 439.30 million units worth RM174.57 million from 500.36 million units worth RM153.45 million last Friday.

Consumer products and services counters accounted for 471.15 million shares traded on the Main Market, industrial products and services (355.04 million), construction (157.69 million), technology (237.97 million), financial services (160.01 million), property (271.48 million), plantation (25.81 million), real estate investment trusts (30.06 million), closed-end fund (663,600), energy (111.89 million), healthcare (118.05 million), telecommunications and media (30.40 million), transportation and logistics (55.19 million), utilities (35.41 million), and business trusts (167,100). — BERNAMA

The post Bursa Malaysia hits fresh high since mid-October 2018, CI up 1.4% appeared first on The Malaysian Reserve.

MTT Shipping and Logistics Bhd has secured Securities Commission Malaysia approval for its proposed Main Market listing on Bursa Malaysia.

The maritime logistics group, which is Malaysia’s leading domestic container liner shipping operator by cabotage volume, plans to raise funds via an IPO involving the issuance of 633.5 million new shares, with no offer for sale.

All proceeds will accrue to the group.

MTT Shipping said the IPO will support the expansion of its regional shipping network, fleet growth and the development of integrated freight facilities, particularly to strengthen logistics capacity between West and East Malaysia.

CIMB Investment Bank Bhd is the principal adviser, joint global coordinator, joint bookrunner, managing underwriter and joint underwriter for the IPO. CLSA Ltd and CLSA Securities Malaysia Sdn Bhd are joint global coordinators and joint bookrunners, while Affin Hwang Investment Bank Bhd is joint bookrunner and joint underwriter. — TMR

The post MTT Shipping gets SC nod for Main Market IPO appeared first on The Malaysian Reserve.

KUALA LUMPUR — Bursa Malaysia opened higher on Monday, extending gains from last week, as foreign funds continued to snap up local shares, reflecting sustained external confidence in the Malaysian market.

At 9.53 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.24 points to 1,727.23 from last Friday’s close of 1,719.99. The index surpassed its previous peak of 1,721.42 recorded on Feb 22, 2019.

In the broader market, decliners outnumbered gainers 369 to 337. Some 463 counters were unchanged, while 1,559 were untraded and 39 suspended.

Turnover totalled 662.08 million shares valued at RM401.86 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said further strengthening of the ringgit against the US dollar has lifted investor sentiments.

At the opening today, the local note opened firmer at 3.9850/9950 against the greenback from 4.0045/0080 recorded last Friday, hovering near its strongest level in more than seven years following a boost in risk appetite after Bank Negara Malaysia’s decision to maintain the overnight policy rate amid a weaker US dollar index. The local note last traded at a similar level on May 24, 2018, when it touched RM3.9797 against the greenback.

“As such, we expect the index to hover within the 1,720-1,735 range today,” Thong told Bernama.

He noted that Wall Street closed on a mixed note on Friday as traders appeared apprehensive of US President Donald Trump’s purported framework on Greenland despite an easing tariff stance on European Union countries that were opposed to the Greenland takeover.

Meanwhile, the US 10-year yield dipped slightly to 4.231 per cent.

Among heavyweight stocks, Maybank rose six sen to RM11.42, while Public Bank and IHH Healthcare edged up one sen each to RM4.79 and RM8.61, respectively. CIMB gained nine sen to RM8.39 and Tenaga Nasional added eight sen to RM13.88.

On the most active list, Capital A added two sen to 56.5 sen, AirAsia X jumped 14 sen to RM1.98, Eco-Shop Marketing gained three sen to RM1.60 and Tanco topped up one sen to RM1.31.

Top gainers included Nestle (M), which added 70 sen to RM115.90, while Hong Leong Financial jumped 38 sen to RM21.42, and Hong Leong Bank grew 22 sen to RM24.22. Petronas Dagangan advanced 18 sen to RM21.20.

Leading decliners were Malaysian Pacific Industries, which went down 52 sen to RM32.60, while UWC was 20 sen lower at RM4.05, and Vitrox fell 12 sen to RM4.43. Malayan Cement lost 11 sen to RM7.72.

On the broader market, the FBM Emas Index advanced 47.97 points to 12,708.51, the FBM Top 100 Index firmed up 50.77 points to 12,506.57, and the FBM Emas Shariah Index expanded 39.34 points to 12,348.99.

The FBM Mid 70 Index gained 64.21 points to 17,626.44, but the FBM ACE Index declined 49.78 points to 4,855.27.

Sector-wise, the Financial Services Index surged 124.58 points to 20,927.75, the Energy Index inched up 0.16 of-a-point to 769.54 and the Plantation Index grew 23.33 points to 8,393.10.

The Industrial Products and Services Index edged down 0.06 of-a-point to 176.43. — BERNAMA

The post Bursa Malaysia opens higher on foreign fund buying appeared first on The Malaysian Reserve.

CIMB held its pre-closed period meeting on Jan 23. For its upcoming 4Q25 results (out on 27 Feb), our FY25F profit after tax and minority interests implies a low-to mid-single digit quarter-on-quarter (QoQ) dip in earnings (lower non-II and higher operating expense, cushioned by lower loan impairments) but year-on-year (YoY) could be flat. Management remains optimistic of achieving the 12-13% return on equity (ROE) target in 2027, supported by the strong performance from Malaysia and Singapore, aided by capital management from its earlier announced RM2b capital return plan. We maintain our RM9.00 target price, which is based on an intrinsic value of RM8.45. The intrinsic value has been derived from our Gordon Growth Model-based price-to-book value of 1.21x, in line with the stock’s long-term mean. – RHB Investment Bank Bhd (Jan 26, 2026)

(Calls by analysts tracked by Bloomberg: 18 Buy, 2 Hold, 0 Sell; Consensus target price: RM8.67)

The post CIMB retains Buy, target price up at RM9.00 appeared first on The Malaysian Reserve.