Macro & Strategy
Coal as a source of resilience
MCement is oversold on fears of higher coal prices.
LSH Capital
Crossing RM1bn orderbook
LSH is leveraging collaboration agreements to add RM600m to its order book.
Strategy
War in the Middle East
Shipping through the Strait of Hormuz has been frozen due to the war.
FRONTKEN
4Q25 - Forex translation drag
The ringgit strengthened by ~6% against the Taiwanese dollar, resulting in a forex translation drag.
Strategy
Politics, policy, profits - v2
The Sarawak Government's petition to the Federal Court marks a material escalation in the ongoing State-Federal dispute.
EXSIM
Short-term stay with long-term growth
EXSIM HOSPITALITY EXSIMHB | 1287.KL NOT RATED (as at 12 February 2026) Fair value: RM0.33 Last price: RM0.275 Market cap (RMm): RM604m Shares out: 2,322m 52-week range: RM0.22 / RM0.29 3M ADV: RM0.4m T12M returns: 13% Disclaimer: By using this information, you acknowledge that you
Greenergy
4Q25 - Meeting expectations
4Q25 results were in-line with ours/consensus expectations
LWSABAH
Not just a Sabah tourism play
Life Water is the dominant bottled water player in Sabah.
AGX
Aviation activity proxy
AGX runs logistics for MRO parts, support major carriers like Malaysia Airlines, AirAsia and VietJet
GENM
Despite tailwinds, expectations are low
GENM has lost -15% since the GO failed with little value placed on the tourism upside nor the NYC casino license.
Non-Rated
Tapping the excursionist trend
Roughly 1m Singaporean day-trippers visit Malaysia each month and Kopi has 7 outlets in JB.
SPZ
Margin & FX upside on VM26 tailwinds
Spritzer should enjoy lower resin costs from the stronger ringgit and SST exemption.
KJTS
Resetting Expectations
Loss of the MUSB contract will hurt KJTS' earnings outlook.