Stocks to Watch in February 2026: Bursa Malaysia & US Market
TL;DR: The "Great Rotation" is here. Malaysia's 13th Plan launches infrastructure execution (Gamuda +17% upside), while US small-caps (Russell 2000 +12% YTD) beat mega-tech. Top buys: TNB (data centers), Palantir (39% growth), 99 Speedmart (defensive). Three IPOs this week.
Why February 2026 Changes Everything
The market narrative has flipped. After years of mega-cap tech dominance, capital is rotating into value, small-caps, and infrastructure. Malaysia enters its "execution year" under the 13th Malaysia Plan with 4.2% GDP growth. US investors chase small-caps after Russell 2000's best January start in 12 years.
Two unstoppable trends collide:
- 🇲🇾 Bursa Malaysia: RM105B infrastructure + NETR data center power demand
- 🇺🇸 US Markets: Russell 2000 +12% vs S&P 500 flat, small-cap earnings 17-22% growth
🇲🇾 Bursa Malaysia: Construction & Power Surge
1. Gamuda Berhad (GAMUDA) — Infrastructure Leader
Target: RM6.80 | Upside: +17% | Catalyst: Penang LRT Phase 1
539 Sen. Primary contractor for ECRL, Penang LRT, MRT3. Order book RM25B with 70% local content. Analysts project 15% earnings growth as projects move from design to execution.
Feb Catalyst: Penang LRT contract award (RM10B total value) + Budget 2026 capex confirmation.
2. Sunway Construction (SUNCON) — Urban Developer
Target: RM2.20 | RM18B Order Book | Catalyst: MRT3 Packages
Balanced portfolio across highways (Pan Borneo), rail (MRT3), buildings (ICL@Bukit Bintang). 20% margins from high-rise expertise. Recent wins push revenue visibility to 2028.
Feb Catalyst: MRT3 contract finalization + data center township projects.
3. Tenaga Nasional (TNB) — Data Center Power Play
Yield: 4.5% | RM2.3B Data Center Capex | Safety: ★★★★★
Malaysia's grid monopoly signs 2.5GW data center PPAs. RM15B capex cycle through 2030. Q4 earnings showed 8% EPS growth from industrial tariffs.
Feb Catalyst: Additional data center MOUs + NETR renewable roadmap updates.
4. 99 Speedmart — Defensive Retail
IPO Oversubscribed 6x | 2,800 Stores | 12% Revenue Growth
Hard-discount model thrives in downtrading environment. Recent IPO debut shows retail resilience. Expanding to 3,500 stores by 2028.
Feb Catalyst: Post-IPO performance + store expansion updates.
🇺🇸 US Market: Small-Cap & Value Rotation
1. Palantir Technologies (PLTR) — AI Software Leader
Growth: 26.5% | Zacks #1 Rank | US Gov't Contracts
AIP platform adoption accelerates commercial revenue 54% YoY. $1.2B remaining performance obligations. February earnings expected to validate 30%+ growth.
Feb Event: Q4 earnings (Feb 3) to show commercial acceleration.
2. Harmony Biosciences (HRMY) — Healthcare Upside
Upside: 39% | Pipeline: 3 New Drugs | Orphan Status
WAKIX monopoly + pitolisant expansion into Europe. Analysts project 25% revenue CAGR through 2028. Small-cap healthcare rotation beneficiary.
Feb Catalyst: Phase 3 trial data + European approval timeline.
3. DaVita Inc (DVA) — Healthcare Momentum
YTD: +21% | Kidney Care Leader | Defensive Earnings
450+ dialysis centers with pricing power. February's top small-cap performer amid healthcare rotation. 15x forward earnings valuation.
Feb Catalyst: Q4 results confirming margin expansion.
February IPO Calendar
| Date | Company | Market | Theme |
|---|---|---|---|
| Feb 6 | Ambest Group | ACE Market | Food Processing |
| Feb 12 | Kee Ming Group | ACE Market | Trading/Services |
| Feb 13 | Hock Soon Capital | Main Market | Construction |
February Earnings Calendar
| Date | Company | Focus |
|---|---|---|
| Feb 3 | Palantir (PLTR) | Commercial AI growth |
| Feb 4 | Amazon (AMZN) | AWS AI monetization |
| Feb 5 | Airbnb (ABNB) | Small-cap proxy |
| Feb 27 | Bursa Malaysia | RM0.14 Dividend |
Investment Strategy
Malaysian Investors (Balanced)
- Infra 40%: Gamuda + Sunway (project execution)
- Power 30%: TNB (data center monopoly)
- Defensive 30%: 99 Speedmart (recession-proof)
US/Global Investors (Growth+Value)
- AI Execution 40%: Palantir (software validation)
- Healthcare 30%: Harmony + DaVita (39% upside)
- IPO Allocation 30%: Hock Soon Capital (construction theme)
Duitwise Rating
⭐ 4.9 / 5
February 2026 marks the start of a multi-year rotation. Malaysia's infrastructure execution + US small-cap breakout create the perfect balanced portfolio opportunity.
💡 Pro Tip: Use our Malaysia Brokerage Calculator to minimize fees on frequent trading.
⚠️ NOT FINANCIAL ADVICE
Educational content only. Do your own research.
- Infrastructure projects face delays (ECRL history)
- Small-caps 2x volatile vs large-caps
- IPO cornering risk (Ambest 6x oversubscribed)
- Verify all earnings dates and dividend announcements
- Consult Securities Commission-licensed advisor
Sources & Context
- 13th Malaysia Plan announcements + Budget 2026 documents
- Bursa Malaysia IPO calendar + analyst briefings
- NETR roadmap + TNB data center PPAs
- Russell 2000 performance data + Zacks Investment Research
- Regulatory: Securities Commission Malaysia