KJTS

Placement incoming

KJTS will be offering up to 14.82% new shares to comply with Bumiputera Equity Conditions; up to 102m new shares.

| Placement

| Industrial

| Trading Buy

KJTS

Second half tailwinds

2H25 enjoys multiple earnings drivers - higher electricity tariffs, improving margins, MUSB acquisition, and overseas projects.

| Trading Buy

| Industrial

KJTS

2Q25 - Dividend upgrade

KJTS’ earnings continued to accelerate in the second quarter, bringing 2H25 Adj NP to RM8.8m (+23% YoY).

| Trading Buy

| Industrial

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.

| Initiation

| Trading Buy

| Energy

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.

| Buy

| Semiconductors

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.

| Buy

| Transportation

| Engineering

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.

| Initiation

| Buy

| Semiconductors

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.

| Buy

| Engineering

| Transportation

Wasco Greenergy

Wasco Greenergy

Wasco Greenergy Bhd (GENERGY) is one of the top biomass power equipment EPCC companies in Malaysia and Indonesia.

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Pan Merchant

Pan Merchant

PMI specializes in manufacturing filter presses for liquid-solid separation. The primary application for the presses is in edible oils, and mainly for crude palm oil processing.

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LSH Capital

LSH Capital

Lim Seong Hai Capital Bhd (LSH Capital) is a construction company with a secondary focus on property development and facilities management.

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KJTS

KJTS

KJTS’ core business is providing cooling energy services via large-scale district cooling systems.

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