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This Week’s Market Snapshot
What Happened Last Week
- The FBM KLCI declined 1.37% WoW as foreign selling, rising bond yields and geopolitical tensions pressured sentiment. Banking stocks led the correction, with CIMB, AmBank, Hong Leong Bank and RHB Bank falling 2.4%–4.8% on 7 October, amid concerns over bond portfolio exposure and elevated yields.
- Hong Kong's Hang Seng Index rose approximately 1.0% WoW, driven by selective interest in internet and technology stocks. However, weakness in mainland equities following the Golden Week holiday and persistent pressure on property counters limited gains.
- Wall Street advanced, with the S&P 500 up 1.2%, Dow Jones gaining 0.9% and Nasdaq rising 0.6% WoW. Resilient earnings expectations supported sentiment, although AI valuation concerns, elevated energy prices and the US 10-year Treasury yield near 5.24% continued to constrain risk appetite.
What To Watch This Week
- For the local market, we remain cautious but selectively constructive, as the recent correction has brought valuations of fundamentally sound blue chips to more attractive levels. Budget 2027 provides potential domestic catalysts, including RM25bn in planned GLIC domestic investments and initiatives to strengthen Malaysia's semiconductor industry. However, foreign fund flows, elevated crude oil prices and volatile US Treasury yields could constrain the recovery.
- The Hong Kong market is expected to remain volatile with a mild recovery bias, supported by bargain hunting in oversold technology and internet stocks. China's September CPI, PPI and trade figures, scheduled for 14 October, will provide important signals on domestic demand, manufacturing conditions and external trade momentum.
- Meanwhile we maintain a cautiously positive outlook on US Equities, although the market's proximity to record highs leaves limited room for disappointment in inflation data or corporate earnings. US September CPI on 14 October and PPI on 15 October will be closely watched for their implications for the Federal Reserve's interest-rate outlook.
MY Stock Picks of the week
As 14 September 2026
SUNWAY HEALTHCARE
- 2QFY2026 net profit surged 88.9% YoY to RM78.2 million, driven by higher patient volumes and record revenue.
- Revenue rose 29.8% to RM672.9 million, with bed occupancy improving to 73% from 67% a year earlier and inpatient admissions up 19%.
- Expansion remains a key growth driver, with total beds expected to rise from 2,271 currently to 2,400 by 2028 and over 3,400 by 2032.
- Strategic investment options are being explored for the healthcare portfolio, which could help unlock valuation and fund further hospital expansion.
SD GUTHRIE
- 1H26 net profit jumped 44% YoY to RM1.55 billion, supported by stronger downstream earnings and industrial development contributions.
- Higher CPO prices and stronger FFB production are expected to support 2H26 earnings, with analysts remaining positive on the upstream outlook.
- CPO prices are expected to remain elevated, with recent industry forecasts putting near-term prices around RM4,400–RM4,600 per tonne amid tightening supply expectations.
- Industrial development provides an additional earnings catalyst, with SD Guthrie planning to unlock more than 4,000 hectares of land for industrial development over five years.
- Key longer-term risk: El Niño is expected to affect palm production in 2027–2028, although 2026 production is expected to remain largely unaffected.
IOI CORP
- FY2026 net profit rose to RM1.68 billion, supported by stronger palm oil and resource-based manufacturing performance.
- Higher CPO prices are expected to support FY2027 earnings, with analysts seeing a brighter outlook for the plantation business.
- Major new catalyst: IOI agreed to sell its 70% controlling stake in IOI Loders Croklaan to Bunge for USD595 million plus EUR297 million, with the transaction expected to generate a one-off gain of about RM2.5 billion.
- The disposal is expected to reduce gearing to around 0.34x, while IOI has indicated that 20% of the proceeds could be distributed to shareholders as dividends.
- EPF also raised its direct stake to 17.645%, providing an additional positive institutional-investor signal.
Technical Picks
As of 12 October 2026
CPE TECHNOLOGY BHD
All-Time High In Sight
- RM1.47 in Focus
The stock reached RM1.43, nearing its RM1.47 all-time high. A breakout would clear a major technical hurdle. - Uptrend Structure IntactPrice remains above the rising EMA20 at RM1.28 and EMA50 at RM1.18, keeping the uptrend intact.
- Buying Momentum ImprovesBullish MACD crossover signalsimproving momentum, while RSI at63.9 remains healthy.
↵ADNEX GROUPBHD
More Upside in Store?
- Breaking New Ground
Price hit RM0.480 before closing at RM0.455, with the upper wick signaling profit-taking near its peak.. - EMAs Support the Rally
Price remains above the rising EMA20 at RM0.429 and EMA50 at RM0.415,, confirming a healthy bullish trend. - Momentum Gains PaceMACD continues to rise above its signal line, while RSI at65.9 indicates strengthening momentum without reaching overbought territory.
↵DAGANG NEXCHANGE
BHD
BHD
Testing New High
- Trend Strengthens
Price sits comfortably above its EMA20 and EMA50, keeping the broader uptrend intact after a three-month sideways movements. - Momentum Returns
MACD holds above its signal line at 0.0072, a sign buying pressure is returning after the consolidation. - RSI Supports the MoveRSI at 62.98 confirms continuing buying interests before entering the overbought threshold.
Investment Ideas - MY/US/HK
As of 12 October 2026
HUMAN INC
Medicare Ratings Support Recovery Potential
- BUY with 13.4%–16.7% potential upside to the target of USD490.00.
- Humana expects 95% of its Medicare Advantage members to be enrolled in plans rated four stars or higher for 2027, compared with approximately 20% in 2026.
- Improved federal quality ratings strengthen eligibility for Medicare bonus payments in 2028, potentially supporting revenue recovery and improved profitability.
- The improved ratings provide a meaningful operational recovery catalyst, although reimbursement changes and share-price volatility remain key risks.
- Entry Price: USD420.00–USD432.00
LUMENTUM HOLDINGS INC
- BUY with 17.3%–21.7% potential upside to the target of USD1,290.00.
- Lumentum disclosed on 9 October that its AI-related optical components are effectively sold out through early 2029, reflecting strong demand for high-speed data-center connectivity.
- Supply constraints could leave approximately 70% of demand unmet for certain products through 2027, supporting production expansion and potential pricing opportunities.
- Continued hyperscaler investment in AI infrastructure supports demand for optical networking components, while constrained supply provides greater earnings visibility.
- Entry Price: USD1,060.00–USD1,100.00
JPMORGAN CHASE & CO
- BUY with 13.2%–16.0% potential upside to the target of USD378.00.
- JPMorgan is scheduled to release its 3QCY26 results on 13 October, with investors watching net interest income, investment banking activity, trading revenue and credit quality.
- Elevated Treasury yields may support asset yields, although deposit costs and credit risks remain important considerations.
- JPMorgan's diversified earnings base and capital strength support its outlook, but the upcoming results introduce potential earnings-gap risk.
- Entry Price: USD326.00–USD334.00
IPO Opportunities
As of 2 October 2026
SLGC BHD
ECOSYS (MALAYSIA) BHD
EGH INTERNATIONAL BHD
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