Robust Liquidity And Domestic Growth To Fuel Optimism in Malaysian Markets
Robust Liquidity And Domestic Growth To Fuel Optimism in Malaysian Markets
Domestically, Malaysia's economy continues to grow steadily, bolstered by both external and internal factors. The anticipated formalisation of the Johor-Singapore Special Economic Zone is expected to create new growth opportunities in the southern region. Stable political conditions and ongoing reforms are likely to enhance investor sentiment. With corporate earnings showing resilience and market valuations at attractive levels — forward price-to-earnings (P/E) at just 14.3 times — the outlook for Malaysian equities remains positive.RHB Investment Bank Bhd (RHB Research) has released its market outlook, expressing optimism for 2025 despite ongoing uncertainties. The report highlights that while volatility is expected to persist as the new US policy package unfolds, the domestic environment in Malaysia remains conducive for investment.
RHb投资银行有限公司（RHb研究）发布了市场展望，尽管持续存在不确定性，但对2025年表示乐观。报告强调，尽管预期新的美国政策包的实施会导致波动性持续，但马来西亚的国内环境依然有利于投资。
With robust liquidity conditions, reasonable corporate earnings prospects, and undemanding equity valuations, RHB Research anticipated a positive investment climate.
在流动性状况强劲、企业盈利前景合理及股票估值不高的情况下，RHb研究预计将出现积极的投资环境。
The global macroeconomic outlook appears solid, with RHB Research projecting GDP growth of 2% for the US and 4.8% for China in 2025. The expectation of a cumulative 75 basis points reduction in the US Federal Funds Rate (FFR) is likely to ease the US dollar due to narrowing interest rate differentials. However, geopolitical risks and potential inflation concerns stemming from Donald Trump's re-election may pose challenges.
全球宏观经济展望看起来稳固，RHb研究预计美国2025年的GDP增长为2%，中国为4.8%。预计美国联邦基金利率（FFR）累计下调75个基点将使美元趋于放松，因为利率差距缩小。然而，地缘政治风险和特朗普概念连任可能带来的通货膨胀担忧可能会带来挑战。
Domestically, Malaysia's economy continues to grow steadily, bolstered by both external and internal factors. The anticipated formalisation of the Johor-Singapore Special Economic Zone is expected to create new growth opportunities in the southern region. Stable political conditions and ongoing reforms are likely to enhance investor sentiment. With corporate earnings showing resilience and market valuations at attractive levels — forward price-to-earnings (P/E) at just 14.3 times — the outlook for Malaysian equities remains positive.
在国内，马来西亚经济继续稳步增长，受到外部和内部因素的共同支持。预计新加坡-乔霍特别经济区的正式化将为南部地域板块创造新的增长机会。稳定的政治环境和持续的改革可能会增强投资者信心。由于企业盈利展现出韧性，市场估值处于有吸引力的水平——前瞻市盈率仅为14.3倍——马来西亚股票的前景仍然积极。
RHB Research's investment strategy focuses on accumulating quality stocks during market weaknesses, particularly large-cap stocks. The report indicates strong support for the FBM KLCI at the 1,590-point level, suggesting limited downside risk. RHB Research has set an end-2025 target for the FBM KLCI at 1,820 points, reflecting a target P/E of 16 times based on FY26F earnings.
RHb研究的投资策略专注于在市场疲弱时积累优质股票，特别是大盘股。报告显示FBm KLCI在1,590点水平有强劲的压力位，暗示下行风险有限。RHb研究将FBm KLCI在2025年年底的目标设定为1,820点，反映基于FY26F盈利的目标市盈率为16倍。
The research house remains OVERWEIGHT in sectors including banks, property, construction, plantation, technology, healthcare, basic materials, oil and gas, utilities and rubber products. Key risks identified include unpredictable geopolitical developments and potential fallout from escalating US-China trade tensions that could impact Malaysia.
该研究机构在包括银行、房地产、施工、种植、科技、医疗保健、基础材料、石油和天然气、公用事业及橡胶及塑料制品等行业中保持超配。确定的主要风险包括不可预测的地缘政治发展和可能因美中贸易紧张升级而影响马来西亚的潜在后果。
