Malaysia
3.5 Stars - Attractive
Macro Outlook
- Economic recovery should extend to 1H with further improvement in the Domestic Consumption and Manufacturing sectors.
- GDP is expected to grow at 6.0% in 2022, driven by strong exports of key commodities including palm oil, electrical, and electronics exports given higher global demand and commodity prices.
What we like about
- Improving macro outlook reinforced by recent waves of upgrades in GDP estimates.
- Reasonable valuation levels. Forward PE ratio remains below our target fair PE ratio.
- Strong broad-based earnings rebound except Healthcare and Plantation sectors.
Investment Risk(s)
- Resurgence in political risks, as a national election may be called later this year.
- Near-term outlook and demand for equities of various sectors (e.g. real estate) may be negatively affected by upcoming elections.
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