Key Indices
Top Stories
Company Results | Gamuda (GAM MK/BUY/RM4.98/Target: RM6.26)
- Gamuda ended FY26 with an impressive earnings delivery, mainly attributed to a higher domestic project mix and progress billings within the construction segment. Orderbook replenishments of RM35b exceeded management’s initial FY26 guidance, anchoring earnings visibility through to FY27-28. We remain optimistic that the group’s visionary strategies are forming the foundations for a record year in FY27-29. Maintain BUY with a higher target price of RM6.26.
Company Results | VS Industry (VSI MK/BUY/RM/Target: RM0.35)
- VS' FY26 results came in within our expectations. 4QFY26 marked a turning point, with revenue up 24% qoq on higher orders and earnings back in the black, excluding impairments. With customer orders picking up steadily ahead of the year-end festive season, and the Philippines' operations turning around, the momentum is expected to carry into 1QFY27. At 8.7x FY27F PE and 0.4x P/B, below MCO troughs, valuations are compelling. Maintain BUY with a higher target price of RM0.35.
Company Results | Yinson Holdings (YNS MK/BUY/RM2.15/Target: RM2.40)
- 1HFY27 core profit is deemed in line, narrowing losses from the non-FPSO divisions and accelerated loan repayments are the bigger picture for Yinson, as long as it maintains its execution. We see a high likelihood of the company securing up to two new FPSOs. This is corroborated by a second crude tanker purchase by Yinson in Aug 26. Management guided no additional funding is necessary to support two projects (at combined capex of US$3.6b). Maintain BUY; target price: RM2.40.
Market Spotlight
- The FBMKLCI continued to fall by 26.06pt to close at 1,643.96 yesterday on profit-taking in index-linked counters as well as weaker sentiment across the board.
- US stocks were lower after the close on Tuesday, as losses in the telecoms, oil & gas and consumer goods sectors led shares lower.
Tehnical Analysis
FBMKLCI, FCPO & FKLI Index Outlook
Traders’ Corner
Insights Analytics | IAB MK
- Trading Buy Range: RM1.34-1.35
RCE Capital | RCE MK
- Trading Buy Range: RM1.01-1.02
Oriental Kopi Holdings | KOPI MK
- Trading Buy Range: RM0.965-0.97
Top Stories
Company Results | Gamuda (GAM MK/BUY/RM4.98/Target: RM6.26)
- Gamuda ended FY26 with an impressive earnings delivery, mainly attributed to a higher domestic project mix and progress billings within the construction segment. Orderbook replenishments of RM35b exceeded management’s initial FY26 guidance, anchoring earnings visibility through to FY27-28. We remain optimistic that the group’s visionary strategies are forming the foundations for a record year in FY27-29. Maintain BUY with a higher target price of RM6.26.
Company Results | VS Industry (VSI MK/BUY/RM/Target: RM0.35)
- VS' FY26 results came in within our expectations. 4QFY26 marked a turning point, with revenue up 24% qoq on higher orders and earnings back in the black, excluding impairments. With customer orders picking up steadily ahead of the year-end festive season, and the Philippines' operations turning around, the momentum is expected to carry into 1QFY27. At 8.7x FY27F PE and 0.4x P/B, below MCO troughs, valuations are compelling. Maintain BUY with a higher target price of RM0.35.
Company Results | Yinson Holdings (YNS MK/BUY/RM2.15/Target: RM2.40)
- 1HFY27 core profit is deemed in line, narrowing losses from the non-FPSO divisions and accelerated loan repayments are the bigger picture for Yinson, as long as it maintains its execution. We see a high likelihood of the company securing up to two new FPSOs. This is corroborated by a second crude tanker purchase by Yinson in Aug 26. Management guided no additional funding is necessary to support two projects (at combined capex of US$3.6b). Maintain BUY; target price: RM2.40.
Market Spotlight
- The FBMKLCI continued to fall by 26.06pt to close at 1,643.96 yesterday on profit-taking in index-linked counters as well as weaker sentiment across the board.
- US stocks were lower after the close on Tuesday, as losses in the telecoms, oil & gas and consumer goods sectors led shares lower.
Tehnical Analysis
FBMKLCI, FCPO & FKLI Index Outlook
Traders’ Corner
Insights Analytics | IAB MK
- Trading Buy Range: RM1.34-1.35
RCE Capital | RCE MK
- Trading Buy Range: RM1.01-1.02
Oriental Kopi Holdings | KOPI MK
- Trading Buy Range: RM0.965-0.97
Key Indices
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