M+ Global Market Update – 03Sep26
AI Infrastructure and Earnings Plays in Focus
US: We expect Wall Street to trade on a mixed footing, as elevated Treasury yields and firm oil prices could weigh on risk appetite and market sentiment, although structural AI demand should support selected names. Meanwhile, we favour Bloom Energy (BE), backed by its USD25bn Brookfield AI infrastructure partnership and Oracle’s agreement to procure up to 2.8GW of fuel-cell systems. Veeva Systems (VEEV) remains supported by strong Vault CRM adoption, with 180+ live customers and 12 of the top 20 global biopharma companies committed. Lastly, Micron Technology (MU) should benefit from tight memory supply and robust HBM demand, with HBM4 in high-volume shipments and FQ4FY26 revenue guided at c.USD50bn.
MY: The FBM KLCI is anticipated to rebound further following recent selling pressure, driven by selective earnings and thematic plays despite elevated oil prices and bond yields. We favour WTK, supported by stronger plantation contributions following its RM555m acquisitions, firmer CPO prices, and an enlarged planted area of c.32,000 hectares. Meanwhile, AMBEST remains well-positioned across the semiconductor, AI data centre, and automation sectors, with 2QFY26 PAT surging over eightfold QoQ to RM3.44m on higher orders and capacity expansion. Lastly, SAMAIDEN may benefiting from Malaysia's RE push following its RM290m LSS5 contract for a 95MW solar plant in Hilir Perak, which should be earnings accretive.
Stocks to watch:
Technology: AMBEST, *INFOM*, *VIS*
Plantation: *JPG*, MHC, *WTK*
Solar: *SAMAIDEN*
Consumer: *LWSABAH*
Construction: SSB8
Glove: SUPERMX
Chemical: CLITE
**Source: M+ Global**
Forwarded fromM+ On-The-Go
September 3, 2026 627
