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Market Highlights
Economic Update
Mon, 17 Feb 2025 07:50 am
Malaysia 4Q24 GDP: Economic Growth Staying Resilient

Executive Summary

Malaysia’s GDP expanded in 4Q24 albeit at a moderated pace of 5.0% yoy, compared to 5.4% in the previous quarter.

On a quarter-on-quarter (qoq) basis, Malaysia’s GDP decreased by -1.1% in 4Q24, down from 1.9% in 3Q24 influenced by a decline in all sectors except for mining.

We expect Malaysia’s economy to grow at a more normalized pace of 4.6% in 2025 amid sustained infrastructure investments, resilient household spending and steady exports demand.

Economic Update
Thu, 23 Jan 2025 07:09 am
BNM Monetary Policy Statement - BNM Holds OPR at 3.00% in First Policy Meeting

Summary

BNM kept the OPR steady at 3.00%, reflecting a supportive stance for economic expansion and price stability.

Future economic growth remains resilient, driven by strong domestic spending, stable labour market, export gains, and strategic investments.

Inflation is projected between 2.0%-3.5% driven by subsidy rationalisation and higher incomes contributing to upward pressure.

Local Market Strategy
Wed, 08 Jan 2025 07:42 am
JS-SEZ Market Strategy - Southern Corridor Next Investment Frontier

Executive Summary

Southern Corridor next investment frontier. In 2023, Johor’s GDP rose 4.1% yoy to RM148.2bn, marking it the third largest contributor to the country in terms of state, behind Selangor (28.7%) and Kuala Lumpur (17.7%). Located in the Iskandar Malaysia region, we are positive that Johor-Singapore Special Economic Zone (JS-SEZ) initiative will serve as a transformative catalyst to alleviate global competitiveness between both nations and consequently cement Johor’s position as the third biggest contributor to the nation GDP in coming years.

 

Stepping up towards Maju Johor 2030 vision. The JS-SEZ development aimed at creating a hub for investments and economic activities through the provision of multiple entry visas, special passes with green lanes, special tax incentives, exemptions for business licenses, robust infrastructure, and the availability of a skilled and knowledgeable workforce is regarded as a major milestone in realising Maju Johor 2030 vision. Maju Johor 2030 focus onto six key strategic aspects namely good governance, sustainable economic development, enhancing social safety net, improving facilities and basic amenities, security, cleanliness and the environment, and special focus on the youth.

 

Development to be supported by enhanced cross-border traffic. In bid to reduce the congestion on Johor-Singapore Causeway, the RTS Link (construction at 95% completion and on track for operational on 1 Jan 2027) will serve as a game changer towards a more seamless connectivity between both countries. This along with the Elevated Automated Rapid Transit (ART) that spans across 50km with 32 stations, should ensure seamless movement within Greater Johor Bahru. Within the nation, key developments such as (i) Gemas-Johor Bahru Electrified Double-Track Rail Project (Gemas-JB EDTP) on track for operational in Q3 2025, (ii) expansion of the Ayer Hitam-Skudai stretch of the PLUS Expressway to six lanes, and (iii) East Coast Expressway Phase 4 (LPT4) from Gambang, Pahang to Johor Bahru are expected to improve connectivity and drive trade activities within the nation.

 

Thriving real estate sector. With potential 20,000 of high skilled jobs creation under JS-SEZ and together with other key developments such as Forest City’s special financial zone (SFZ), we believe demand for rental and housing within the Iskandar Malaysia region will flourish over the foreseeable future. Already, Johor’s property transaction rose 58.2% yoy to 40,561 units in 2023 – highlighting a robust demand, while 1H 2024 property transaction stood at 18,648 units. Consequently, prices of those property projects located in Johor Bahru and close to the RTS Link all saw rental yields and selling prices appreciated by c.15-30% in recent times.

 

JS-SEZ key beneficiaries: We favour property developers with huge landbank sitting in the Iskandar Malaysia region such as UEMS, IWCITY, SUNWAY and LAGENDA. For contractors with exposures to infra-related works in Johor, we like SUNCON and IJM. Other potential beneficiaries riding onto Johor state thematic growth are PEKAT, SCGBHD, UUE, TENAGA, RANHILL, PCHEM, MAYBANK, CIMB, TM, KLK, SDG, SWIFT, PETGAS and DIALOG.

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