Initiation
Greenfield, Green-Steam
GENERGY will raise RM75m from the IPO, of which we estimate 70% will be directly supporting earnings growth - acquisitions and selected capex.
Latest
Results
4QFY25 - Meeting Expectations
LSH continues to build a track record of sustained high-margin construction earnings.
Macro
Solid Headline Growth
GDP is well on-track to hit the 4.5% target, following the robust 3Q print. However, the momentum in underlying growth is a little soft, especially for domestic consumption.
DESTINI
Cessation of Coverage
We cease coverage on Destini and our recommendation on the stock should no longer be relied upon. Our last target price was RM0.65.
Initiation
Rapid Scale-Up on High Margins
In a sector with arguably elevated valuations, we foresee LSH distinguishing itself with a combination of robust orderbook growth and sector-leading margins.
DESTINI
Missed deadline resurfaces old concerns
Regulators will suspend Destini on 10 Nov for missing the 31 Oct deadline for issuing the FY25 audited accounts and annual report.
Strategy
3Q25: M&A's in focus
Management provided more clarity on potential M&A opportunities, with 3 deals being explored.
Initiation
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
Stock information FRONTKEN FRONTKEN - MYX 0128 BUY (as at Aug 05, 2025) Target price: RM4.80 Last price: RM4.35 Market cap: RM6,894m Shares out: 1,585m 52w range: RM2.63 / RM4.59 3M ADV: RM13m T12M returns: -5% Disclaimer: By using this information, you acknowledge that you
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.
Initiation
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.