Malaysia Fund Manager Radar: Selectivity beats beta

研报英文原文证据摘录

Malaysia Fund Manager Radar: Selectivity beats beta

Private Limited

over the next few months is likely to revolve around Malaysia’s 2027 budget, Samuel Tan

as attention will be on how the government can strike a balance between (60-3) 2718 0781

samuel.tan@jpmorgan.com

growth, stability, and social development (link). See also our recent marketing JPMorgan Securities (Malaysia) Sdn. Bhd. (18146-

feedback from HK (link, link). X)

• Propects of earnings GE16, and so what? Our Election Playbook suggests Nigel Ng

that while election periods often increase volatility, they have historically had (60-3) 2718 0962

nigel.ng@jpmorgan.com

a more limited impact on medium-term corporate earnings than investors JPMorgan Securities (Malaysia) Sdn. Bhd. (18146-

initially fear. With 2Q earnings underway and political headlines likely to rise X)

ahead of GE16, our base case remains that politics may influence the pace of Equity Macro Research

implementation but is unlikely to derail Malaysia’s structural growth agenda Khoi Vu, CFA AC

or corporate earnings. Accordingly, we would maintain exposure to resilient (65) 6882-8170

compounders/defensives while using election-driven pullbacks to add khoi.t.vu@jpmorgan.com

selectively to names with strong earnings visibility. J.P. Morgan Securities Singapore Private Limited

Rajiv Batra

• 2Q earnings preview: We expect ~54% of Malaysian companies under our (65) 6882-8151

coverage to meet expectations and ~27% to beat, in the upcoming 2QCY26 rajiv.j.batra@jpmorgan.com

earnings season. Among early reporters, WPRTS posted strong results, while J.P. Morgan Securities Singapore Private Limited

NESZ and BURSA were in-line. We would use earnings season to identify

companies capable of sustaining earnings upgrades rather than simply