Malaysia Equity Strategy: 2H26 outlook: Confidence in the capex cycle

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Malaysia Equity Strategy: 2H26 outlook: Confidence in the capex cycle

rgan.com

J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

• Private-sector capex cycle continues to strengthen (Figures 2-7): The Morgan Broking (Hong Kong) Limited

investment cycle is becoming the most important driver of Malaysia’s earnings Jeanette Yutan

outlook. Fixed asset investment has risen to 22% of GDP, while cumulative (63-2) 8878-1188

approved FDI is RM567bn ($130bn) over the past three years with a healthy jeanette.g.yutan@jpmorgan.com

J.P. Morgan Securities Philippines, Inc.

77% realization rate, supporting investments across AI infrastructure, power,

Benny Kurniawan, CFA industrial parks and advanced manufacturing. The external backdrop remains

(62-21) 5291 8024

supportive, with global AI-related capex spending now expected to reach US benny.kurniawan@jpmorgan.com

$5.5 trillion through 2030 (up from US$5.1trillion last Nov) with 138GW of PT J.P. Morgan Sekuritas Indonesia

DC capacity growth (from 122 GW). Based on our estimates, Malaysia’s Samuel Tan

datacentre pipeline has expanded to 13GW, larger than Indonesia/ (60-3) 2718 0781

Thailand/SG combined, reinforcing Malaysia’s position as ASEAN’s samuel.tan@jpmorgan.com

leading AI infrastructure market. Unlike previous investment cycles led by JPMorgan Securities (Malaysia) Sdn. Bhd. (18146- X)

commodities or government infrastructure projects, the current cycle is

Nigel Ng

increasingly funded by corporates, hyperscalers and multinational companies. (60-3) 2718 0962

We believe this provides greater visibility and duration of investment nigel.ng@jpmorgan.com

spending, supporting earnings across Utilities, Industrials and selected JPMorgan Securities (Malaysia) Sdn. Bhd. (18146-