Malaysia Auto – April-26 statistics - EV adoption accelerates as overall sales recover

Research evidence excerpt

Malaysia Auto – April-26 statistics - EV adoption accelerates as overall sales recover

Global Markets Research

Malaysia Auto – April-26 statistics 4 June 2026

EQUITY: ASEAN TRANSPORT/LOGISTICS

EV adoption accelerates as overall sales recover Research Analysts

ASEAN Transport/Logistics

Vehicle sales up 14% m-m Ahmadahmad.maghfurusman@nomura.comMaghfur Usman - NSM

+603 2027 6892

Monthly performance — April 2026 Research Associates

Malaysia vehicle sales witnessed an uptick in April, up 14% m-m, supported by new

ASEAN Transport/Logisticsmodel launches as well as a higher production volume in March following temporary plant

Mishu Agarwal - NSFSPLshutdowns for the Hari Raya festive period. On a y-y basis, TIV improved by 17% y-y.

YTD 2026 total, with the completion of four months, stands at 254,318 units sold, which is

1.63% ahead of the corresponding period in 2025, when 250,239 units were delivered.

We expect sales to maintain the current momentum in May.

Sime Darby (SIME MK, Buy): FY26F earnings outlook

We factor in a slight 3% y-y decline in PATAMI growth for FY26F (vs FY25 core earnings)

due to macroeconomic headwinds. We expect business conditions to remain subdued

amid ongoing geopolitical tensions, slower consumer demand and heightened

competition in the motors sector, though Malaysia’s affordable vehicle sales remain

resilient. However, we believe several potential catalysts could drive upside surprises to

this guidance— signs of a recovery in the China market, coupled with potential policy

support could provide momentum. Further, we believe the industrial division's improving

operational efficiency and potential new contract wins could enhance overall profitability.

These combined factors could help Sime Darby deliver better-than-expected earnings