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Market Highlights
Market Outlook
Thu, 03 Apr 2025 07:12 am
Market Strategy - Navigating the Post-Tariff Landscape

Reciprocal tariff from US was announced on 3 Apr 2025 at a rate between 10%-49% to all US trading partners that will take effect from 5 Apr 2025.

Escalating tariff tensions between US and rest of the world may potentially derail Malaysia’s GDP growth prospects, but being at the lower end in Most-favoured-nation (MFN) trade weighted average against the ASEAN average, this could be deemed positive for Malaysian products entering into US markets in relative to goods from other ASEAN countries that may face higher tariffs.

With recent tariff policies straighten out, we encourage investors to focus on stocks with minimal exposure to US markets. Recent market pullback offers opportunity to bargain hunt onto selected fundamentally sound beaten down stocks.

Maintain end-2025 FBM KLCI target to 1,680 based on PE multiple of 14.5x, which represents -0.5 SD of long-term forward average.

Our top picks revolve around a mix of defensive-natured players as well as companies with strong potential upsides over the foreseeable future such as CBH (BUY; TP: RM0.54), UUE (BUY; TP: RM1.14), SAMAIDEN (BUY; TP: RM1.71), SCGBHD (BUY; TP: RM1.71), CCK (BUY; TP:RM1.79), ATECH (BUY; TP:RM4.17), MFCB (BUY; TP:RM5.36), PEKAT (BUY; TP:RM1.43), FRONTKN (BUY; TP:RM4.37) and SLVEST (BUY; TP:RM2.03).

Economic Update
Mon, 24 Mar 2025 06:29 am
Malaysia Inflation Rate - Inflation Eased in February

Malaysia’s inflation eased to 1.5% yoy in Feb 2025, decreased from the previous month.

Inflation was primarily driven by a softer increase in Housing, Water, Electricity, Gas & Other Fuels, Recreation, Sport & Culture, Health, Transport and Furnishings, Household Equipment & Routine Household Maintenance.

We maintain our forecast that full-year CPI inflation will moderate to 2.6% in 2025 (2024: 1.8%), within the official 2.0%-3.5% range.

Local Market Strategy
Mon, 17 Mar 2025 06:53 am
Market Strategy - Capitalising On The Downturn

Executive Summary

Escalating trade tension between US and major part of the world have resulted in sharp market pullback as of late with the FBM KLCI not spared from the global market rout as the key index briefly sank below 1,500 pts.

While full blown recession is still off the cards, we reckon potential global economic slowdown stemmed by uncertainties surrounding the ongoing and potential escalation of trade war may keep volatility on the cards.

Downgrade end-2025 FBM KLCI target to 1,680 (from 1,760) based on PER of 14.5x, which represents -0.5 SD of long-term forward average in view of external economic uncertainties, risk of further foreign funds outflow, volatility remains on the forefront and the absence of fresh domestic catalyst.

Turning more defensive with focus skewing towards selected sectors such as REIT, Utilities, Healthcare (ex-gloves) and Logistics to safeguard exposure towards external shocks, offers clearer earnings predictability and they are touted to be defensive in nature. Top picks are SUNREIT (NR), TENAGA (BUY; TP: RM16.04), MALAKOF (BUY; TP: RM0.94), WPRTS (BUY; TP: RM5.08) and KPJ (NR).

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