Key View

• We have maintained our forecast and project that Malaysia's medical device market will grow by a 2022-2027 compound annual growth rate (CAGR) of 9.5% in local currency and US dollar terms.
• Malaysia’s New Industrial Master Plan (NIMP) 2030 will enhance domestic medical device production by promoting the integration of value chains and

The Latest: On September 30 30 2023, at Malaysia’s National Action Council on Cost of Living’s (Naccol) meeting, the country’s prime minister announced that the government is looking to develop a mechanism to ensure that medicines are priced more competitively. Having a price display mechanism will lead to more transparent medicine pricing and

Key View:

• Malaysia’s fuel consumption is projected to grow at a much slower pace than anticipated.
• Structural demand patterns are changing with diesel and fuel oil facing headwinds from fuel switching policies.
• Accelerating energy transition initiatives would create further challenges for traditional fuel consumption, particularly in

Key View

• Malaysia’s New Industrial Master Plan (NIMP) 2030 will promote integration of value chains for better local production of active pharmaceutical ingredients (API), vaccines and medicines.
• Government incentives will continue to drive local investment in Malaysia’s pharmaceutical market in the near-term.
• However, medicine pricing

Key View

• EdgeConneX is to develop two data centres in Kuala Lumpur and Cyberjaya, making its debut in the Malaysian market.
• Rapidly growing interest in cloud services and favourable government policy will see the Sea-6 economies - Malaysia, Singapore, Vietnam, Indonesia, Thailand and the Philippines - become a leading digital hub in the Asia

Key View: We believe demand for EVs in Malaysia will far outstrip that of internal combustion engine (ICE) cars within our 2023-2032 forecast period. We currently forecast total EV sales to quadruple in 2023, although the country’s EV penetration rate (EV sales as % of total vehicle sales) will sit at just 1.8%. Looking at the key drivers for

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• Malaysia’s real GDP growth slowed sharply from 5.6% y-o-y in Q123 to 2.9% in Q223, falling below consensus and our expectations.
• We believe that the economic recovery over the coming quarters will be slower than we initially expected due to the ongoing impact of weakening global demand and tight monetary conditions.
• Overall, we have

Key View

• We have made an upward revision on our Malaysian total vehicle sales forecast owing to much better effects from the existing pent-up demand, which is being fulfilled on the back of improving supply chains.
• Exemptions on import duties for electric vehicles (EVs) as well as the introduction of new model line-ups and locally-assembled