Key Indices
Top Stories
Company Results | 99 Speed Mart Retail Holdings (99SMART MK/BUY/RM3.59/Target: RM4.10)
- Results fell within expectations. SSSG decelerated but remained robust. 2H26 SSSG should moderate alongside a high base effect. Margins were unchanged as earnings grew at a moderate pace as a result. Maintain BUY with an unchanged target price of RM4.10. 99SM is a standout election beneficiary.
What’s Inside
Company Results | Malakoff Corporation (MLK MK/HOLD/RM0.86/Target: RM0.90)
- 2Q26 earnings recovered sequentially to RM32m (+58% qoq; -50% yoy) on improved fuel margin for TBP and TBE and higher associate earnings. That said, yoy earnings were still weak due to lower TBP contribution given failure at Unit 30 and Unit 20. 1H26 net profit of RM52m (-47% yoy) is deemed to be inline with expectations as we expect TBP operations to recovery in 2H26. Maintain HOLD with a SOTP-based target price of RM0.90.
Company Results | SkyeChip (SKYECHIP MK/HOLD/RM3.25/Target: RM2.93)
- SkyeChip’s 1QFY27 results are within our and consensus expectations. SkyeChip’s established silicon IP and custom ASIC businesses remain the key earnings drivers, while its expansion into AI silicon and Arm-based compute platforms could provide a second leg of growth from 2029-30 onwards. Following a 269% surge since our initiation and from its IPO price of RM0.88, we believe the current share price has largely priced in SkyeChip’s near-term growth prospects. Downgrade to HOLD. Target price: RM2.93.
Company Results | Sports Toto (SPTOTO MK/BUY/RM1.29/Target: RM1.53)
- SPTOTO’s 4QFY26 results exceeded expectations, reflecting lower investment-related and operating expenses despite weaker STM and HR Owen performances. Overall, SPTOTO’s compelling yield of 8.2-8.9% through FY27- 29 and defensive business nature should provide moderate capital upside amid the current global market uncertainties. Maintain BUY with unchanged target price of RM1.53.
Market Spotlight
- Despite opening higher, the FBMKLCI closed marginally lower at 1,725.89 (-1.50pt, -0.09%).
- US stocks were lower after the close on Monday, as losses in the consumer goods, consumer services and financials sectors led shares lower.
Tehnical Analysis
FBMKLCI, FCPO & FKLI Index Outlook
Traders’ Corner
AME Elite Consortium | AME MK
- Trading Buy Range: RM1.41-1.42
Hiap Teck Venture | HTVB MK
- Trading Buy Range: RM0.285-0.29
Hartanah Kenyalang | HKB MK
- Trading Buy Range: RM0.61-0.615
Top Stories
Company Results | 99 Speed Mart Retail Holdings (99SMART MK/BUY/RM3.59/Target: RM4.10)
- Results fell within expectations. SSSG decelerated but remained robust. 2H26 SSSG should moderate alongside a high base effect. Margins were unchanged as earnings grew at a moderate pace as a result. Maintain BUY with an unchanged target price of RM4.10. 99SM is a standout election beneficiary.
What’s Inside
Company Results | Malakoff Corporation (MLK MK/HOLD/RM0.86/Target: RM0.90)
- 2Q26 earnings recovered sequentially to RM32m (+58% qoq; -50% yoy) on improved fuel margin for TBP and TBE and higher associate earnings. That said, yoy earnings were still weak due to lower TBP contribution given failure at Unit 30 and Unit 20. 1H26 net profit of RM52m (-47% yoy) is deemed to be inline with expectations as we expect TBP operations to recovery in 2H26. Maintain HOLD with a SOTP-based target price of RM0.90.
Company Results | SkyeChip (SKYECHIP MK/HOLD/RM3.25/Target: RM2.93)
- SkyeChip’s 1QFY27 results are within our and consensus expectations. SkyeChip’s established silicon IP and custom ASIC businesses remain the key earnings drivers, while its expansion into AI silicon and Arm-based compute platforms could provide a second leg of growth from 2029-30 onwards. Following a 269% surge since our initiation and from its IPO price of RM0.88, we believe the current share price has largely priced in SkyeChip’s near-term growth prospects. Downgrade to HOLD. Target price: RM2.93.
Company Results | Sports Toto (SPTOTO MK/BUY/RM1.29/Target: RM1.53)
- SPTOTO’s 4QFY26 results exceeded expectations, reflecting lower investment-related and operating expenses despite weaker STM and HR Owen performances. Overall, SPTOTO’s compelling yield of 8.2-8.9% through FY27- 29 and defensive business nature should provide moderate capital upside amid the current global market uncertainties. Maintain BUY with unchanged target price of RM1.53.
Market Spotlight
- Despite opening higher, the FBMKLCI closed marginally lower at 1,725.89 (-1.50pt, -0.09%).
- US stocks were lower after the close on Monday, as losses in the consumer goods, consumer services and financials sectors led shares lower.
Tehnical Analysis
FBMKLCI, FCPO & FKLI Index Outlook
Traders’ Corner
AME Elite Consortium | AME MK
- Trading Buy Range: RM1.41-1.42
Hiap Teck Venture | HTVB MK
- Trading Buy Range: RM0.285-0.29
Hartanah Kenyalang | HKB MK
- Trading Buy Range: RM0.61-0.615
Key Indices
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
