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Malaysia Corporate Round-Up: Energy Transition, Fundraising and IPO Momentum Drive Market Focus

Malaysia’s corporate landscape saw a mix of  fundraising activities, renewable energy expansion, IPO enthusiasm and balance sheet restructuring  dominate headlines, reflecting continued investor appetite for growth and defensive sectors despite broader market caution. Tenaga Advances Renewable Energy Push KL: TENAGA  strengthened its renewable energy ambitions after its subsidiary issued  RM1.05 billion in Asean Green SRI Sukuk  to finance a  500MW solar photovoltaic project in Kedah . The issuance highlights increasing institutional support for  green financing  and reinforces Tenaga’s long-term transition towards cleaner energy infrastructure. Investors may view the move positively as ESG-linked investments continue gaining traction across regional markets. Mr DIY Expands Funding Flexibility KL: MRDIY  raised  RM540 million via its maiden bond issuance , with proceeds earmarked for refinancing, working capital and expansion plans. The ...
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Analysts Say Singapore to Wait on Trump’s Trade Moves Before Easing Policy

Slowing inflation in Singapore has created some room for the Monetary Authority of Singapore (MAS) to ease monetary policy in January, but analysts believe the central bank may delay any action until later in 2025 to better assess the impact of US President-elect Donald Trump's policies.

Key Highlights

Inflation Outlook

  • November core inflation is expected to hold steady at 2.1%, a three-year low, according to analysts in a Reuters poll.
  • MAS has forecast core inflation at around 2% for Q4 2024, with DBS Bank predicting it to average 1.8% in 2025.

Monetary Policy Approach

  • Singapore uses the Singapore dollar nominal effective exchange rate (S$NEER) to manage policy, adjusting the slope, midpoint, or width of the currency band.
  • While some analysts expect an easing at the January review, a MAS survey showed the number of economists anticipating a reduction in the S$NEER slope dropped from 50% to one-third.

Analyst Perspectives

  • DBS Bank: MAS is unlikely to ease in January and may wait to see Trump's policies in action.
    • "Chances are MAS will mirror the Fed in basing decisions on actual policies rather than speculation," said DBS economist Chua Han Teng.
  • Moody’s Analytics: MAS may wait for core inflation to fall below 2% for a few months before easing, giving time to assess global trade disruptions from US tariffs.
  • Maybank: MAS could reduce the slope in January, as lower import prices from Trump’s tariffs on China may lead to a deflationary shock and further ease inflation.

Growth Projections

  • Maybank’s Chua Hak Bin: Expects Singapore’s growth to slow to 2.6% in 2025 from 3.6% in 2024 amid trade flow disruptions.
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