Key Indices
Top Stories
Company Results | Genting Plantations (GENP MK/HOLD/RM5.60/Target: RM6.10)
- GENP’s 1H26 results beat expectations, as 2Q26 core net profit doubled yoy to RM141m, driven by strong FFB production growth and improved downstream performance. Management expects the production momentum to sustain in 2H26 while impact from the current dry weather conditions can only be observed in 2027. Maintain HOLD with a higher target price of RM6.10 (previously RM5.44).
Company Results | Pekat Group (PEKAT MK/BUY/RM1.77/Target: RM2.00)
- Pekat reported a robust 2Q26 net profit of RM14m (+29% yoy; +14% qoq), driven by: a) healthy progress of its utility-scale EPCC project, b) robust ELP project execution, and c) record-high revenue contributions from 60%-owned EPE Switchgear. Pekat declared a 1 sen net DPS in the current quarter, well within our expectations. Pekat’s orderbook currently stands at a record RM908m. Maintain BUY with a target price of RM2.00.
Company Results | Solarvest Holdings (SOLAR MK/BUY/RM3.03/Target: RM3.50)
- 1QFY27 was a sequentially weaker quarter. Solarvest reported a net profit decline of 21% qoq to RM19.0m (+20% yoy) due to slower EPCC progress in the quarter, while yoy growth was driven by higher income from the group’s solar assets. We deem the results in line with expectations as EPCC progress billing will drive the upcoming quarters’ earnings. Orderbook is impressive at RM2.4b, underscoring earnings visibility well into FY29. Maintain BUY with a target price of RM3.50.
Company Results | SP Setia (SPSB MK/BUY/RM0.845/Target: RM1.06)
- SP Setia’s results were below our expectations due to lower-than-expected residential revenue recognition. While residential demand is softer, management expects to bridge the gap with higher sales contributions from the industrial and commercial segments, which typically generate higher margins. Maintain BUY with a lower target price of RM1.06. While the REIT listing is now targeted for 2Q27 (from 1Q27 previously), investor sentiment could improve gradually on faster monetisation from industrial and commercial landbank.
Market Spotlight
- Despite opening higher, the FBMKLCI gradually trended down and closed marginally lower at 1,731.32 (-2.04pt, -0.12%).
- US stocks were higher after the close on Wednesday, as gains in the healthcare, consumer goods and basic materials sectors led shares higher.
Tehnical Analysis
FBMKLCI, FCPO & FKLI Index Outlook
Traders’ Corner
Icapital.biz | ICAP MK
- Trading Buy Range: RM2.52-2.53
Kossan Rubber Industries | KRI MK
- Trading Buy Range: RM1.16-1.17
Ocean Vantage Holdings | OVH MK
- Trading Buy Range: RM0.27-0.28
Top Stories
Company Results | Genting Plantations (GENP MK/HOLD/RM5.60/Target: RM6.10)
- GENP’s 1H26 results beat expectations, as 2Q26 core net profit doubled yoy to RM141m, driven by strong FFB production growth and improved downstream performance. Management expects the production momentum to sustain in 2H26 while impact from the current dry weather conditions can only be observed in 2027. Maintain HOLD with a higher target price of RM6.10 (previously RM5.44).
Company Results | Pekat Group (PEKAT MK/BUY/RM1.77/Target: RM2.00)
- Pekat reported a robust 2Q26 net profit of RM14m (+29% yoy; +14% qoq), driven by: a) healthy progress of its utility-scale EPCC project, b) robust ELP project execution, and c) record-high revenue contributions from 60%-owned EPE Switchgear. Pekat declared a 1 sen net DPS in the current quarter, well within our expectations. Pekat’s orderbook currently stands at a record RM908m. Maintain BUY with a target price of RM2.00.
Company Results | Solarvest Holdings (SOLAR MK/BUY/RM3.03/Target: RM3.50)
- 1QFY27 was a sequentially weaker quarter. Solarvest reported a net profit decline of 21% qoq to RM19.0m (+20% yoy) due to slower EPCC progress in the quarter, while yoy growth was driven by higher income from the group’s solar assets. We deem the results in line with expectations as EPCC progress billing will drive the upcoming quarters’ earnings. Orderbook is impressive at RM2.4b, underscoring earnings visibility well into FY29. Maintain BUY with a target price of RM3.50.
Company Results | SP Setia (SPSB MK/BUY/RM0.845/Target: RM1.06)
- SP Setia’s results were below our expectations due to lower-than-expected residential revenue recognition. While residential demand is softer, management expects to bridge the gap with higher sales contributions from the industrial and commercial segments, which typically generate higher margins. Maintain BUY with a lower target price of RM1.06. While the REIT listing is now targeted for 2Q27 (from 1Q27 previously), investor sentiment could improve gradually on faster monetisation from industrial and commercial landbank.
Market Spotlight
- Despite opening higher, the FBMKLCI gradually trended down and closed marginally lower at 1,731.32 (-2.04pt, -0.12%).
- US stocks were higher after the close on Wednesday, as gains in the healthcare, consumer goods and basic materials sectors led shares higher.
Tehnical Analysis
FBMKLCI, FCPO & FKLI Index Outlook
Traders’ Corner
Icapital.biz | ICAP MK
- Trading Buy Range: RM2.52-2.53
Kossan Rubber Industries | KRI MK
- Trading Buy Range: RM1.16-1.17
Ocean Vantage Holdings | OVH MK
- Trading Buy Range: RM0.27-0.28
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.
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