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ICAPITAL.BIZ BERHAD (ICAP, 5108)

07/02/2026 12:22 am MYT

For subscribers only

This week, i Capital updates on icapital.biz Berhad (ICAP), a company that has taken on the features of a closed-end fund. Listed on the Main Board of Bursa Malaysia since Oct 2005, ICAP provides investors with easy access to a professionally managed portfolio of undervalued Malaysian equities.

Managed by Capital Dynamics Asset Management Sdn Bhd, ICAP continues to deliver strong capital appreciation based on highly disciplined long-term value investing. This unwavering focus on undervalued equities and a long-term horizon has proven effective, as demonstrated by the fund's steady and substantial growth in net asset value (NAV).

Ever since they came into ICAP circa 2010 or 2011, 2 London activists (CoL+) have manipulated the share price of ICAP. This price manipulation became especially pugnacious and blatant when their selling campaign began mid-May 2024.


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Note from Publisher

Since the bullish call by Teng Boo during the 2025 Investor Day, the KLCI has risen about 10% and the Ringgit’s exchange rate against the US$ has broken the RM4 mark. 2026 is just beginning. Can we expect more favourable performance as the year unravels?

When compared with our neighbouring countries which face political uncertainties (Thailand and the Philippines), shaky investor confidence (Indonesia) and soaring cost of living pressures (Singapore and Vietnam), Malaysia is paradise-like. With the opposition parties in shambles, Malaysia is set to have political stability going into the next general election due Feb 2028. The government has taken important steps to amend the country’s fiscal condition, improve the country’s quality of growth and steadily rolled out reform measures. These efforts have kept foreign investors’ confidence on Malaysia. Our politicians, policymakers and ordinary Malaysians need to zealously guard these blissful conditions. 

i Capital will pause its publication for one issue in the week starting 16 Feb. Our Kuala Lumpur office will be closed from 16 Feb to 18 Feb, during which www.icapital.biz will not be updated. Normal operating hours will resume on 19 Feb. The next issue, Volume 37, number 27 of i Capital, will be dated 26 Feb - 4 Mar 2025.

PORTFOLIOS

Heartfelt Appreciations for Capital Dynamics

CORE VALUES

Corporate News

EUPE

3Q RESULTS

MALAKOF

Proposed disposal update

SASBADI

1Q RESULTS

YUEXIU TRANSPORT

Engineering contract

Kingsmen

Material litigation

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