Macro & Strategy
Coal as a source of resilience
MCement is oversold on fears of higher coal prices.
Macro & Strategy
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.