Malaysia autos: May-26 statistics - May TIV softens following April’s surge

Research evidence excerpt

Malaysia autos: May-26 statistics - May TIV softens following April’s surge

Global Markets Research

24 June 2026Malaysia autos: May-26 statistics

EQUITY: ASEAN TRANSPORT/LOGISTICS

May TIV softens following April’s surge Research Analysts

ASEAN Transport/Logistics

EV momentum remains positive Ahmadahmad.maghfurusman@nomura.comMaghfur Usman - NSM

+603 2027 6892

Monthly performance — May 2026 Research Associates

Malaysia vehicle sales posted a decline in May, down 15% m-m. According to (Malaysian

ASEAN Transport/LogisticsAutomotive Association (MAA), the reduced total industry volume (TIV), which followed

Mishu Agarwal - NSFSPLtwo consecutive months of growth, was primarily due to the long festive holiday period

towards the end of April (link). YTD May 2026, Malaysia recorded total vehicle sales of

315,568 units, which was 1% lower than the corresponding period in 2025. We expect

sales to regain momentum in June 2026. National marques Perodua and Proton

experienced sequential declines in sales volumes, and were down 24% and 10%,

respectively.

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

We factor in a slight 3% y-y decline in PATAMI growth for FY26F (in comparison to FY25’

s 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 expect several potential catalysts to drive upside surprises

to this guidance. These include signs of a recovery in the China market, coupled with

potential policy support, which could provide momentum. In addition, we believe the

industrial division's improving operational efficiency and potential new contract wins could