FRONTKEN
3Q25: M&A's in focus
Management provided more clarity on potential M&A opportunities, with 3 deals being explored.
Ben Shane Lim
Pan Merchant
Water project wins can reverse soft debut
PMI has not put its best foot forward post-listing, touching a low of -33% vs IPO price and posting sluggish 1H25 earnings.
Budget 2026
Constrained Populism
Considering fiscal limitations, we are overall positive on Budget 2026, even if market impact might be low.
KJTS
Placement incoming
KJTS will be offering up to 14.82% new shares to comply with Bumiputera Equity Conditions; up to 102m new shares.
KJTS
Second half tailwinds
2H25 enjoys multiple earnings drivers - higher electricity tariffs, improving margins, MUSB acquisition, and overseas projects.
KJTS
2Q25 - Dividend upgrade
KJTS’ earnings continued to accelerate in the second quarter, bringing 2H25 Adj NP to RM8.8m (+23% YoY).
KJTS
Cooling is Heating Up
While valuations may appear stretched at first glance, we flag that the nature of KJTS’ business means the earnings delivery on a new project is not front-loaded.
FRONTKEN
Exceptional Underlying Growth
We conclude from the post-results briefing that the combination of seasonal tailwinds, a step-up in leading-edge product mix, and sustainable margin dynamics, that the current momentum should be sustained.
DESTINI
Improving collections, a dividend likely
Improving cash flows were a key signpost to continue rehabilitating market perception of Destini, on the back of a 4th quarter in the black.
FRONTKEN
Secular Drivers Trump Cyclical Slump
FRCB is the best positioned to weather Trump’s tariff uncertainties and potentially benefit it, if it can follow TSMC to Arizona.
DESTINI
A Rail Turnaround
Destini has already delivered 3 quarters in the black after aggressively kitchen sinking i18M24 (ended June), that saw heavy impairments and exit/disposal from problematic segments/subsidiaries.
Wasco Greenergy
Wasco Greenergy
Wasco Greenergy Bhd (GENERGY) is one of the top biomass power equipment EPCC companies in Malaysia and Indonesia.