Strategy
Politics, policy, profits - v2
The Sarawak Government's petition to the Federal Court marks a material escalation in the ongoing State-Federal dispute.
Macro
Strategy
Politics, policy, profits - v1
Bersatu's departure from PN is kicking off a period of increased political uncertainty ahead of GE16 in late-2027.
Malaysia
Solid Headline Growth
GDP is well on-track to hit the 4.5% target, following the robust 3Q print. However, the momentum in underlying growth is a little soft, especially for domestic consumption.
Budget 2026
Constrained Populism
Considering fiscal limitations, we are overall positive on Budget 2026, even if market impact might be low.