Malaysia autos: June-26 update

Research evidence excerpt

Malaysia autos: June-26 update

Global Markets Research

28 July 2026Malaysia autos: June-26 update

EQUITY: ASEAN TRANSPORT/LOGISTICS

TIV upgraded to 800k on EV momentum Research Analysts

ASEAN Transport/Logistics

1H26 review; xEv sales target lifted to 120k units Ahmadahmad.maghfurusman@nomura.comMaghfur Usman - NSM

+603 2027 6892

Monthly performance — June 2026 Research Associates

Malaysia vehicle sales trended upwards in June, up 10% m-m and 23%y-y. Demand was

ASEAN Transport/Logisticssupported by the Kuala Lumpur International Mobility Show and broad-based discounting

Mishu Agarwal - NSFSPLacross the industry. YTD TIV reached 385,353 units, up 3% from the corresponding

period last year.The m-m growth was mainly driven by Honda ([7267 JP, Not rated]; plus

77% m-m) on heavy discounting, while Perodua ([unlisted]; plus 12% m-m) was supported

by stronger Bezza and Alza sales. We also expected higher growth due to the more

number of working days in June. In terms of industry outlook, Malaysian Automotive

Association (MAA) expects the sales momentum of July 2025 to continue in August 2025.

It added that the performance in August would be driven by increased stock availability

supported by July's high production volumes, aggressive promotions in conjunction with

the Merdeka month celebrations, and sales impact from new model launches

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

We factor in a slight 3% y-y decline in PATAMI growth for FY26F (compared with 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.