Macro & Strategy
Coal as a source of resilience
MCement is oversold on fears of higher coal prices.
Energy
KJTS
Stonepeak project on the horizon
Upgrade TP to RM0.86 to reflect iHandal acquisition.
Strategy
Two ideas if the war goes long
Markets have begun to price in a protracted war.
Strategy
Politics, policy, profits - v2
The Sarawak Government's petition to the Federal Court marks a material escalation in the ongoing State-Federal dispute.
KJTS
Resetting Expectations
Loss of the MUSB contract will hurt KJTS' earnings outlook.
KJTS
MUSB acquisition deadline jitters
KJTS's share price fell 27% on worries the MUSB deal could fall through.
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.