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投資銀行有限公司（RHb研究）發佈了市場展望，儘管持續存在不確定性，但對2025年表示樂觀。報告強調，儘管預期新的美國政策包的實施會導致波動性持續，但馬來西亞的國內環境依然有利於投資。
With robust liquidity conditions, reasonable corporate earnings prospects, and undemanding equity valuations, RHB Research anticipated a positive investment climate.
在流動性狀況強勁、企業盈利前景合理及股票估值不高的情況下，RHb研究預計將出現積極的投資環境。
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.
全球宏觀經濟展望看起來穩固，RHb研究預計美國2025年的GDP增長爲2%，中國爲4.8%。預計美國聯邦基金利率（FFR）累計下調75個點子將使美元趨於放鬆，因爲利率差距縮小。然而，地緣政治風險和特朗普概念連任可能帶來的通貨膨脹擔憂可能會帶來挑戰。
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.
在國內，馬來西亞經濟繼續穩步增長，受到外部和內部因素的共同支持。預計新加坡-喬霍特別經濟區的正式化將爲南部地域板塊創造新的增長機會。穩定的政治環境和持續的改革可能會增強投資者信心。由於企業盈利展現出韌性，市場估值處於有吸引力的水平——前瞻市盈率僅爲14.3倍——馬來西亞股票的前景仍然積極。
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研究的投資策略專注於在市場疲弱時積累優質股票，特別是大盤股。報告顯示FBm KLCI在1,590點水平有強勁的壓力位，暗示下行風險有限。RHb研究將FBm KLCI在2025年年底的目標設定爲1,820點，反映基於FY26F盈利的目標市盈率爲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.
該研究機構在包括銀行、房地產、施工、種植、科技、醫療保健、基礎材料、石油和天然氣、公用事業及橡膠及塑料製品等行業中保持超配。確定的主要風險包括不可預測的地緣政治發展和可能因美中貿易緊張升級而影響馬來西亞的潛在後果。
