External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

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Macroeconomics

<ul><li>Malaysia’s GDP expanded by +4.4% YoY in 1Q25 (4Q24: +4.9%), in line with the advance estimate, underpinned by firm domestic demand.</li><li>Private consumption remained resilient, supported by favourable labour market conditions and targeted policy interventions, including the upward adjustment in the minimum wage and civil service remuneration. Investment activity continued to register steady gains, driven by ongoing implementation of approved projects and higher capital outlays.</li><li>On the external front, export growth moderated, weighed down by weaker mining shipments. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia’s GDP expanded by +4.4% YoY in 1Q25 (4Q24: +4.9%), in line with the advance estimate, underpinned by firm domestic demand.Private consumption remained resilient, supported by favourable labour market conditions and targeted policy interventions, including the upward adjustment in the minimum wage and civil service remuneration. Investment activity continued to register steady gains, driven by ongoing implementation of approved projects and higher capital outlays.On the external front, export growth moderated, weighed down by weaker mining shipments. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 GDP - GDP Growth Cools in 1Q25, Reinforcing Cautious 2H25 Outlook

<ul><li>Malaysia’s Industrial Production Index (IPI) expanded by +1.5% YoY in February (Jan: +2.1% YoY), falling short of market expectations of +2.5% YoY.</li><li>Growth in February was driven by the manufacturing sector (+4.8% YoY), while electricity output (-2.8% YoY) and mining (-8.9% YoY) remained in contraction.</li><li>Malaysia’s industrial sector faces rising downside risks earlier than expected. While semiconductors and selected electronics are temporarily exempt and there is a 90-day pause on reciprocal tariffs, uncertainty over future trade actions remains elevated, particularly for 2H25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia’s Industrial Production Index (IPI) expanded by +1.5% YoY in February (Jan: +2.1% YoY), falling short of market expectations of +2.5% YoY.Growth in February was driven by the manufacturing sector (+4.8% YoY), while electricity output (-2.8% YoY) and mining (-8.9% YoY) remained in contraction.Malaysia’s industrial sector faces rising downside risks earlier than expected. While semiconductors and selected electronics are temporarily exempt and there is a 90-day pause on reciprocal tariffs, uncertainty over future trade actions remains elevated, particularly for 2H25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrial Production Index (IPI) - Early Gains at Risk as External Pressures Escalate

Equity Bottom-Up

D&O Green Technologies / Equity Bottom-Up

D&O Green Technologies Bhd, through its subsidiary, manufactures semiconductor components. The Company manufactures and assembles semiconductor components under original equipment manufacturer contract manufacturing and captive line arrangements.  D&O serves multinational corporations.

<ul><li>Finally, there are some cheers for the local technology stocks as the US government announced reciprocal tariff exemptions for most of the tech and electronic products, which include chips, smartphones, laptops, and manufacturing tools.</li><li>It also eases concerns for the global supply chain as producers facing pressure to relocate or diversify their production lines due to the challenging landscape.</li><li>Based on our ground checks, most of the local technology products and their end customer products are also on the exemption list. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Finally, there are some cheers for the local technology stocks as the US government announced reciprocal tariff exemptions for most of the tech and electronic products, which include chips, smartphones, laptops, and manufacturing tools.It also eases concerns for the global supply chain as producers facing pressure to relocate or diversify their production lines due to the challenging landscape.Based on our ground checks, most of the local technology products and their end customer products are also on the exemption list. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Local data centre-linked stocks were under hefty selling pressure in recent weeks following the news of tighter controls on Artificial Intelligence (AI) chip exports and caps on the amount of compute that can be shipped by the US.</li><li>Following our channel checks, we gather that the impact is largely muted on the local players as they mostly deal with the US hyperscalers, while it may take longer lead time for the AI server assemblers and dealers to process their orders due to various audit checks and traceability.</li><li>Overall, we think most of the technology stocks have overreacted to the negative news flow and some may even have limited exposure to the data centre play. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Local data centre-linked stocks were under hefty selling pressure in recent weeks following the news of tighter controls on Artificial Intelligence (AI) chip exports and caps on the amount of compute that can be shipped by the US.Following our channel checks, we gather that the impact is largely muted on the local players as they mostly deal with the US hyperscalers, while it may take longer lead time for the AI server assemblers and dealers to process their orders due to various audit checks and traceability.Overall, we think most of the technology stocks have overreacted to the negative news flow and some may even have limited exposure to the data centre play. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TECHNOLOGY - US AI Chip Export Restriction

Genting Plantations Berhad is an investment holding company which operates plantations. The Company, through its subsidiaries, also develops and invests in properties, processes fresh fruit bunches, trades rubber wood, provides palm oil mill management services, and operates golf course.

<ul><li>Malaysia’s palm oil inventory ended 2024 with a low inventory level at 1.7m mt as exports recorded robust growth while production growth moderated.</li><li>It is also the lowest level since 2021. The full-year CPO price averaged at RM4,250/mt compared to 2023’s RM3,832/mt and it was also slightly higher than our forecast of RM4,100/mt.</li><li>Meanwhile, the CPO price had a short-lived run-up in recent months as it reached a high of RM5,181/mt before retreating to the current level of RM4,632/mt. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia’s palm oil inventory ended 2024 with a low inventory level at 1.7m mt as exports recorded robust growth while production growth moderated.It is also the lowest level since 2021. The full-year CPO price averaged at RM4,250/mt compared to 2023’s RM3,832/mt and it was also slightly higher than our forecast of RM4,100/mt.Meanwhile, the CPO price had a short-lived run-up in recent months as it reached a high of RM5,181/mt before retreating to the current level of RM4,632/mt. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PLANTATIONS - Ending the Year at Low Inventory Level

Public Investment Bank Bhd
External broker reports(aggregated public sources)
• Public Investment Bank Bhd

1Q25 GDP - GDP Growth Cools in 1Q25, Reinforcing Cautious 2H25 Outlook

Malaysia’s GDP expanded by +4.4% YoY in 1Q25 (4Q24: +4.9%), in line with the advance estimate, underpinned by firm domestic demand.

Public Investment Bank Bhd

Industrial Production Index (IPI) - Early Gains at Risk as External Pressures Escalate

Malaysia’s Industrial Production Index (IPI) expanded by +1.5% YoY in February (Jan: +2.1% YoY), falling short of market expectations of +2.5% YoY.

Public Investment Bank Bhd

Heave A Sigh Of Relief

Finally, there are some cheers for the local technology stocks as the US government announced reciprocal tariff exemptions for most of the tech and...

Public Investment Bank Bhd

TECHNOLOGY - US AI Chip Export Restriction

Overall, we think most of the technology stocks have overreacted to the negative news flow and some may even have limited exposure to the data...

Public Investment Bank Bhd

PLANTATIONS - Ending the Year at Low Inventory Level

Malaysia’s palm oil inventory ended 2024 with a low inventory level at 1.7m mt as exports recorded robust growth while production growth moderated.

Public Investment Bank Bhd