Investment & Market Trends

Hong Leong Bank Islamic (HLB Islamic) has launched a refreshed consumer brand identity as HLB Islamic, along with its new initiative, Hayat @ HLB Islamic. HLB Group CEO Kevin Lam said the rebranding aims to strengthen the bank’s Shariah-compliant offerings and position HLB Islamic as a key growth engine, while providing a unified gateway for financial solutions across the Hong Leong Financial Group. Dafinah Ahmed Hilmi, CEO of HLB Islamic (centre left), and Kevin Lam, Group Managing Director and CEO of HLB (centre right), unveiled the refreshed identity of HLB Islamic and introduced Hayat @ HLB Islamic, the bank’s new proposition centered around wealth stewardship. “The transition to HLB Islamic allows us to connect more deeply with our diverse customers and scale our Shariah-compliant franchise as a primary growth driver,” Lam said. “By aligning our Islamic banking identity with the HLB brand, we make our solutions more accessible, intuitive, and digitally integrated.” Lam added that HLB Islamic aspires to be Malaysia’s preferred gateway for wealth management, offering customer-centric, value-based financial solutions that lead in innovation. HLB Islamic CEO Dafinah Ahmed Hilmi explained that Hayat @ HLB Islamic reflects a shift in how the bank approaches financial services, focusing on long-term wealth stewardship. “We design solutions around our customers’ life stages, making financial planning simple, seamless, and intuitive,” she said. The launch aligns with the bank’s vision of “Timeless Principles Guiding Tomorrow’s Wealth”, introduced during its 20th anniversary in December 2025, emphasizing sustainable and responsible wealth management for customers’ long-term financial security.

Malaysia should continue its diplomatic engagement with the United States while maintaining transparency in its manufacturing and supply chains and further diversifying trade, an economist advised. The remarks follow the US decision to launch Section 301 investigations into structural excess manufacturing capacity in several economies, including Malaysia.                       IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan. Mohd Sedek Jantan, director of investment strategy and country economist at IPPFA Sdn Bhd, explained that Section 301 probes are a procedural step the US typically takes before imposing trade measures. “These investigations do not automatically lead to tariffs,” he said. “They allow Washington to assess whether certain manufacturing policies or production levels create burdens on US commerce, particularly after the Supreme Court invalidated earlier emergency tariffs.” Mohd Sedek noted that Malaysia’s exposure to the probe is moderate, as it focuses on manufacturing sectors that form key components of Malaysia’s exports to the US, such as electronics, semiconductors, and machinery. He added that the main risk lies in closer scrutiny of supply chains rather than broad tariffs. “The investigation could accelerate supply chain restructuring across Asia and ASEAN,” he said. “Companies may rethink where they locate production, leading to greater diversification within the region rather than concentrating output in a few countries.” He also highlighted that this development presents both risks and opportunities for Malaysia. While sectors like electronics and electrical products, semiconductors, machinery, and intermediate manufacturing could face increased scrutiny, the country could also benefit as multinational companies consider Malaysia a stable and neutral hub for regional production. “If trade measures are imposed, impacts are likely to be sector-specific, mainly affecting supply chains linked to these industrial segments rather than Malaysia’s exports broadly,” Mohd Sedek said. He emphasized that ASEAN cooperation will be critical, as many supply chains operate across multiple countries in the region. “Better coordination on rules of origin and supply chain transparency can help address US concerns while keeping ASEAN an attractive and trusted manufacturing base,” he added.

Oil and gas (O&G) services provider Elsa Bhd has received approval from Bursa Malaysia to proceed with its listing on the ACE Market, which is expected to take place in the second quarter of 2026. In a statement on Thursday, the company said the proposed initial public offering (IPO) is aimed at strengthening its capabilities in oilfield services, robotics and digital solutions as it expands its role within the energy sector. Managing director Daniel Ilham described the approval as a significant milestone for the group. “This approval marks an important step in Elsa’s corporate journey as we prepare to become a publicly listed company. It will provide us with a platform to further strengthen our presence as an integrated provider of O&G service solutions,” he said. Elsa had earlier released its draft prospectus in October, outlining plans for a public issuance of 118.4 million new shares and an offer for sale of 36.4 million existing shares by major shareholders. The IPO price and market capitalisation have yet to be finalised. According to the draft prospectus, Elsa offers oilfield support services across the entire field lifecycle, alongside digital infrastructure, engineering services and talent sourcing solutions. The company also holds a Petroliam Nasional Bhd (PETRONAS) licence and collaborates with international technology partners. Proceeds from the IPO will mainly be used to expand its oilfield services and digital solutions segments. Part of the funds will also be allocated to enhance its robotics and inspection capabilities, including acquiring specialised equipment and technologies to improve asset inspection efficiency for upstream clients. The remaining funds will be utilised as working capital to support the execution of contracts as the company’s project pipeline continues to grow. Chairman Amiruddin Zain said the listing represents a key stage in Elsa’s development, enabling the company to capitalise on opportunities driven by the growing demand for automation and efficiency in the global energy sector. “The move to the ACE Market marks a pivotal chapter in Elsa’s corporate evolution. As the energy industry increasingly focuses on efficiency and automation, this listing will provide the financial flexibility needed to capture these structural shifts,” he said. Malacca Securities is serving as the principal adviser, sponsor, underwriter and placement agent for the IPO.

PeterLabs Holdings Bhd’s former executive director Datuk Loh Saw Foong and his wife Datin Lin Ching Yein have officially ceased to be substantial shareholders, ahead of a non-interested shareholders’ vote on their planned repurchase of the company’s 60% unit under a settlement agreement. The couple sold their stakes via direct transactions on March 11, disposing of 16.315 million shares each, or 32.63 million shares in total—representing an 11.86% combined stake. Following the sale, Loh retains a 1.1% stake, while Lin holds no shares. Leong Kok Hou acquired the 32.63 million shares on the same day, becoming a substantial shareholder with an 11.86% stake. The transaction price was undisclosed, though Bloomberg data suggested a rate of 21 sen per share, a 22% discount to the March 11 closing price of 27 sen. The disposals follow a settlement agreement reached in October 2025, which resolved a dispute between PeterLabs, Loh, and Lin related to the company and its units, PeterLabs Sdn Bhd and 60%-owned Thye On Tong Trading Sdn Bhd (TOTT). Under the agreement, Loh and Lin will repurchase TOTT’s 60% stake at a price not exceeding the 2022 sale price of RM10.8 million. The proposed repurchase is scheduled for a vote by non-interested shareholders at an extraordinary general meeting on April 13. The dispute traces back to May 2025, following an internal investigation into alleged misconduct by Loh, which led to his temporary suspension. The Malaysian Anti-Corruption Commission also conducted raids on PeterLabs and TOTT offices as part of the probe. Shares in PeterLabs remained untraded on Thursday, last closing at 27 sen, valuing the company at RM72.93 million.

Biov Global Bhd, a regenerative medicine company, has become a substantial shareholder in Malaysian Genomics Resource Centre Bhd after acquiring an additional 4.317% stake, or 6.52 million shares, via a direct business transaction on Thursday. Following the purchase, Biov Global’s total holding in the ACE Market-listed genomics and biopharmaceutical firm stands at 5.165%, surpassing the 5% disclosure threshold. The transaction value was not disclosed. Biov Global is 27.12%-owned by Lim Kean Lam, with other shareholders including GM Biovalley Sdn Bhd (16.95%), Dr Wong Jeh Shyan (8.18%), Shing Yiu Fai (7.2%), and others. Other substantial shareholders in MGRC include Proven Venture Capital (14.84%), Pixelvest Sdn Bhd PLT (6.33%), and executive chairman and managing director Leong Yien Hung (5.59%). MGRC has reported losses for the past four financial years. For the year ended Dec 31, 2025, it posted a net loss of RM2.38 million on revenue of RM8.02 million. Shares in MGRC closed unchanged at 20 sen, valuing the company at RM30.19 million.

Penang-based semiconductor component maker SQ Advanced Interconnect Bhd is set to list on the Main Market of Bursa Malaysia to raise funds for expansion, research and development (R&D), and talent development. According to the company’s prospectus filed with the Securities Commission Malaysia, proceeds from the proposed IPO will be used to expand manufacturing facilities, support R&D initiatives, strengthen working capital, repay borrowings, and cover listing expenses. Founded in 1993, SQ Advanced Interconnect manufactures and assembles flexible printed circuits (FPC) and integrated circuit (IC) substrates, covering circuit design, prototype fabrication, and production. The company operates two plants in Malaysia—Bayan Lepas and Batu Kawan—and one plant in Xiamen, China. The company’s earnings have been rising steadily, with profit after tax increasing to RM80.17 million in 2025 from RM68.6 million in 2023. It serves a diversified customer base of around 380 clients. The IPO will consist of 337.5 million shares, including 202.5 million new shares for the public and 135 million shares offered by substantial shareholder Twisden Ltd, which currently holds a 10.4% stake. Twisden is 75% owned by managing director and CEO Jeffrey Hwang Shin Hung, with the remainder held by executive director Brian Low Loke Chew. After listing, Twisden will no longer be a substantial shareholder. Hwang will hold a 58.12% stake (direct and indirect), while Low will hold 19.38%. Both executives have agreed to a six-month shareholding lock-up post-listing. UOB Kay Hian (M) Sdn Bhd acts as the principal adviser, joint underwriter, and joint bookrunner for the IPO.

Penang-based contract manufacturer Emits Bhd is planning to list on the ACE Market of Bursa Malaysia to raise funds for working capital and the purchase of new equipment as part of its expansion strategy. According to its draft prospectus, the company expects higher working capital requirements as it prepares for business growth. Emits is also anticipating securing a project by June this year to manufacture 5G base station antennas, which would require additional input materials and contract workers. Headquartered in Penang, Emits operates its main manufacturing facility there, serving customers in Malaysia, the United States, and Germany. The company also works with a third-party manufacturer in Taiwan, where it runs an assembly line to produce semi-finished land mobile radio antennas. Emits specialises in antenna manufacturing services, supplying components used in telecommunications devices such as walkie-talkies and WiFi routers, as well as industrial equipment including 5G base station antennas and barcode scanners. For the financial year ended 2025, the company reported a net profit of RM5.2 million on revenue of RM39.65 million. The proposed initial public offering (IPO) will consist of a public issuance of new shares and an offer for sale of existing shares, representing up to 28% of the company’s enlarged share capital. The final IPO price will be determined at a later stage. Proceeds from the offer for sale will go to several shareholders, including Datuk Seri Goh Eng Hoe, managing director Loy Boon Liang, executive director H’ng Chuen Yeou, and chief technical officer Por Chee Seong. Mercury Securities has been appointed as the principal adviser, sponsor, underwriter, and placement agent for the proposed listing.

AFFIN Group (“AFFIN” or “the Group”) posted a Profit Before Tax (PBT) of RM755.7 million for the financial year ended 31 December 2025, marking a 7.8% increase from RM701.0 million in FY2024. The growth was primarily driven by a RM271.8 million increase in net income, partially offset by higher operating expenses of RM33.9 million and an allowance for impairment losses of RM31.2 million, compared with a write-back of RM151.4 million in the prior year. CEO CommentaryDatuk Wan Razly Abdullah, President & Group CEO, said, “AFFIN achieved record FY2025 PBT, supported by the highest-ever net income and a 47.4% surge in operating profit. Strong asset quality efforts have reduced the Gross Impaired Loan (GIL) ratio to 1.64%, while robust capital and liquidity positions provide a solid platform to capture growth opportunities in 2026 and enhance shareholder value.” Quarter 4 PBT reached RM215.6 million, up 18.4% QoQ, driven by Net Interest Margin expansion and a 30.5% increase in fee-based income. The Group’s asset base expanded to RM124.1 billion, with loans and financing growing 10.4% YoY to RM79.5 billion. AFFIN maintains a positive outlook for Malaysia’s economy in 2026, with projected GDP growth of 4.0–4.5%, supported by resilient domestic demand, steady investment, and stronger external trade flows. Business and Strategic Highlights Customer base expanded 13% YoY to 1.74 million, supporting CASA growth. Diversified revenue streams, including Islamic Structured Products and investment banking advisory, strengthened wealth and advisory income. The Group maintains a robust business pipeline of ~RM14 billion, providing clear growth visibility. Recognised with the Best New Bond Award for its debut US$300 million senior unsecured notes issuance and Best Primary Placement award for the Pavilion REIT RM360 million placement, reflecting strong investor confidence. Financial Performance Net Interest Income (NII): RM874.8 million (+5.9% YoY) Islamic Banking PBT: RM449.7 million (+39.1% YoY), supported by higher net income and impairment write-backs Non-Interest Income: RM699.9 million (+7.3% YoY) Net Income: RM2,441.5 million (+12.5% YoY) Operating Expenses: RM1,702.0 million; cost-to-income ratio improved to 69.7% from 76.9% Operating Profit Before Allowances: RM739.5 million (+47.4% YoY) Asset Quality and Capital Position GIL Ratio: 1.64% (down from 1.94% in FY2024) Loan Loss Coverage (LLC): 75.7% Loan Loss Reserve (LLR): 121.3% Total Loans, Advances & Financing: RM79.5 billion (+10.4% YoY) Customer Deposits: RM80.2 billion (+7.6% YoY); CASA at RM20.01 billion, ratio 25.0% Capital Adequacy: Total Capital 17.3%, Tier 1 14.8%, CET1 13.4% Liquidity Coverage Ratio: 162.4% DividendsThe Board has proposed a single-tier final dividend of 8.53 sen per share, totaling RM216 million, reflecting AFFIN’s strong capital position and record FY2025 performance.

MTT Shipping and Logistics Bhd has secured backing from CIMB Investment Bank and Affin Hwang Investment Bank for its upcoming listing on the Main Market of Bursa Malaysia, the company announced on Monday. The underwriting agreement covers the retail portion of the initial public offering (IPO), including shares allocated for the Malaysian public and eligible persons. The IPO is targeted for the second quarter of 2026 and marks a significant milestone for Malaysia’s largest domestic container liner operator, based on cabotage volumes connecting Peninsular Malaysia, East Malaysia, and Brunei. The listing comes after the Securities Commission Malaysia approved the proposed IPO in January. (From left) CIMB Investment Bank CEO and investment banking regional head Nor Masliza Sulaiman, MTT Shipping MD Ooi Lean Hin, executive chairman Datuk Seri Ong Kean Lee and Affin Hwang Investment Bank capital markets MD Johan Hashim. Executive Chairman Datuk Seri Ong Kean Lee said the IPO is “an important next defining step” for MTT Shipping, enabling the company to expand its shipping and logistics network, enhance operational efficiencies, and pursue growth opportunities across the region. As of September 1, 2025, MTT Shipping owns 26 vessels—the largest fleet of Malaysian-flagged container ships—and plans to deploy IPO proceeds primarily to acquire at least 10 additional container vessels over the next three years. This move will support the company’s strategy to expand its regional network across Southeast Asia, the Indian subcontinent, and southern China. The IPO will comprise 571 million shares for institutional investors, including Malaysian and foreign institutions, and 62.5 million shares for retail investors. There will be no offer for sale of existing shares, meaning all funds raised will go directly to the company to finance expansion and operations. Nor Masliza Sulaiman, CEO and Regional Head of Investment Banking at CIMB Investment Bank, said, “We are confident that the group is well-positioned to strengthen its leadership domestically while scaling new heights in regional expansion.” Hanif Ghulam, CEO of Affin Hwang Investment Bank, echoed the sentiment, expressing enthusiasm in supporting MTT Shipping through its next phase of growth. Under the IPO structure, CIMB Investment Bank serves as principal adviser, joint global coordinator, joint bookrunner, managing underwriter, and joint underwriter. CLSA will act as joint global coordinator and joint bookrunner, while Affin Hwang Investment Bank will function as joint bookrunner and joint underwriter.

Berjaya Corp Bhd founder Tan Sri Vincent Tan Chee Yioun has reduced his stake in the diversified conglomerate, selling a 5.25% shareholding in the company for approximately RM79.56 million. Berjaya Corp founder Tan Sri Vincent Tan. The disposal was executed through Tan’s private investment vehicle, Berjaya True Ascend Sdn Bhd, which sold 306 million shares in a direct business transaction on March 6, according to a filing with Bursa Malaysia on Monday. The shares were disposed of at 26 sen each. The identity of the buyer was not disclosed in the filing. Following this transaction, Tan’s total interest in Berjaya Corp now stands at 1.23 billion shares, representing around 21% of the company. This comprises a direct stake of 8.559% and an additional 12.533% held via various private entities. Berjaya Corp, a conglomerate with operations spanning lotteries, automotive, and other sectors, saw its shares close unchanged at 27 sen, giving the group a market valuation of RM1.61 billion. The move marks a notable shift in the holdings of one of Malaysia’s most prominent tycoons and may indicate strategic portfolio adjustments amid broader market conditions.