We came away positive from Wellcall’s FY9/22 briefing given robust demand for global industrial rubber hose and better labour availability. Wellcall is expecting double-digit sales growth in FY23F, driven by higher export sales, increase in produ....

1HFY23 results trumped expectations at 63%/62% of our/consensus FY23F core NP due to higher EBIT margin from Malaysian operations in 2QFY23. Core NP rose 3x yoy in 1HFY23 on stronger sales volume and higher share of associate profit. Second inter....

Reiterate Underweight on the Malaysian petrochemical sector, with Reduce calls for both LCT and PCG, as price dynamics remain under pressure. Between the two, we prefer PCG as it enjoys preferential feedstock costs and exposure to the historically-s....

TNB guided for the upcoming ICPT amount to be higher at c.RM16.4bn in 1H23F vs. RM7bn in 2H22. TNB aims to declare dividends towards the higher end of its 30-60% dividend policy, which could translate to dividend yields of >5% in FY22-24F.