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Malaysian (KLSE) Market Analysis & Valuation

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies1055
  • 7D1.2%
  • 3M2.4%
  • 1Y0.2%
  • YTD-1.9%

The market is up 1.2% over the last week, with the Financials sector leading the way, up 1.8%. As for last year, the market performance has been flat. Looking forward, earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasSoftware

Market Valuation and Performance

Has the Malaysian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025RM 2.0tRM 1.3tRM 118.7b13.8x16.9x1.5x
Thu, 20 Nov 2025RM 2.0tRM 1.3tRM 113.4b14.3x17.4x1.5x
Sat, 18 Oct 2025RM 2.0tRM 1.3tRM 111.9b14.6x17.6x1.5x
Mon, 15 Sep 2025RM 1.9tRM 1.3tRM 112.1b14.5x17.2x1.5x
Wed, 13 Aug 2025RM 1.9tRM 1.3tRM 115.8b13.8x16.4x1.5x
Fri, 11 Jul 2025RM 1.9tRM 1.3tRM 115.6b13.8x16.2x1.4x
Sun, 08 Jun 2025RM 1.8tRM 1.3tRM 115.7b13.6x15.9x1.4x
Tue, 06 May 2025RM 1.8tRM 1.3tRM 118.3b13.9x15.6x1.4x
Thu, 03 Apr 2025RM 1.8tRM 1.3tRM 118.2b14.3x15.5x1.4x
Sat, 01 Mar 2025RM 1.9tRM 1.3tRM 117.3b13.9x16x1.5x
Mon, 27 Jan 2025RM 1.9tRM 1.3tRM 115.6b15x16.9x1.5x
Wed, 25 Dec 2024RM 2.0tRM 1.3tRM 115.0b15.4x17.2x1.5x
Fri, 22 Nov 2024RM 1.9tRM 1.3tRM 111.3b15.6x17.5x1.5x
Sun, 20 Oct 2024RM 2.0tRM 1.3tRM 113.8b15.6x17.5x1.6x
Tue, 17 Sep 2024RM 2.0tRM 1.3tRM 113.2b15.3x17.4x1.6x
Thu, 15 Aug 2024RM 2.0tRM 1.2tRM 106.1b17.4x18.6x1.6x
Sat, 13 Jul 2024RM 2.0tRM 1.2tRM 105.7b18x19.1x1.6x
Mon, 10 Jun 2024RM 2.0tRM 1.2tRM 105.0b17.2x19x1.6x
Wed, 08 May 2024RM 1.9tRM 1.2tRM 99.8b16.8x19.5x1.6x
Fri, 05 Apr 2024RM 1.9tRM 1.2tRM 99.5b16.4x18.9x1.6x
Sun, 03 Mar 2024RM 1.8tRM 1.2tRM 99.3b15.7x18.4x1.5x
Tue, 30 Jan 2024RM 1.8tRM 1.2tRM 82.9b15.9x22x1.5x
Thu, 28 Dec 2023RM 1.8tRM 1.2tRM 83.1b15.4x21.2x1.4x
Sat, 25 Nov 2023RM 1.7tRM 1.2tRM 81.1b15.5x21.5x1.4x
Mon, 23 Oct 2023RM 1.7tRM 1.2tRM 79.2b15.4x21.7x1.4x
Wed, 20 Sep 2023RM 1.7tRM 1.2tRM 79.7b15.6x21.9x1.4x
Fri, 18 Aug 2023RM 1.7tRM 1.2tRM 81.3b15x21.2x1.4x
Sun, 16 Jul 2023RM 1.7tRM 1.2tRM 82.5b14x20.3x1.4x
Tue, 13 Jun 2023RM 1.6tRM 1.2tRM 82.9b13.9x19.8x1.3x
Thu, 11 May 2023RM 1.7tRM 1.2tRM 117.9b12.9x14.2x1.4x
Sat, 08 Apr 2023RM 1.7tRM 1.2tRM 118.9b13.3x14.1x1.4x
Mon, 06 Mar 2023RM 1.7tRM 1.2tRM 118.7b13.7x14.3x1.4x
Wed, 01 Feb 2023RM 1.7tRM 1.2tRM 138.9b13.6x12.4x1.4x
Fri, 30 Dec 2022RM 1.7tRM 1.2tRM 138.6b13x12.2x1.4x
Price to Earnings Ratio

12.2x


Total Market Cap: RM 1.7tTotal Earnings: RM 138.6bTotal Revenue: RM 1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Market Price to Earnings3Y Average 17.7x202320242025
Current Market PE
  • Investors are relatively neutral on the Malaysian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 17.7x.
Past Earnings Growth
  • The earnings for Malaysian listed companies have declined 5.0% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.9% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Malaysian Market?

MY Market1.24%
Consumer Staples2.29%
Financials1.78%
Utilities1.68%
Industrials1.57%
Materials1.48%
Consumer Discretionary0.71%
Real Estate0.61%
Tech0.29%
Healthcare0.026%
Telecom-1.14%
Energy-1.30%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 36.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 35.8%, which is higher than its past year's earnings growth of 1.7% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 22.3x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 36% over the next 5 years.
  • This is better than its past earnings growth rate of 1.7% per year.
  • In contrast, the Real Estate industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
TENAGA Tenaga Nasional BerhadRM 13.543.4%
+RM 2.6b		-3.3%PE17.7xUtilities
CIMB CIMB Group Holdings BerhadRM 8.152.8%
+RM 2.4b		2.5%PB1.2xFinancials
99SMART 99 Speed Mart Retail Holdings BerhadRM 3.776.2%
+RM 1.8b		57.1%PE54.5xConsumer Staples
MAYBANK Malayan Banking BerhadRM 10.481.2%
+RM 1.4b		4.0%PB1.4xFinancials
SDG SD Guthrie BerhadRM 5.533.4%
+RM 1.2b		13.8%PE13.8xConsumer Staples
See more

Market Insights

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TANCO
RM 1.13
Tanco Holdings Berhad
7D
-4.2%
1Y
44.3%

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DIALOG
RM 1.72
Dialog Group Berhad
7D
-2.8%
1Y
-3.4%

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CDB
RM 3.29
Celcomdigi Berhad
7D
-1.2%
1Y
-7.3%

CDB: Future Spectrum Capacity And Dividends Will Support Stronger Long Term Share Price

Analysts have slightly lowered their price target for Celcomdigi Berhad, trimming fair value from MYR 3.98 to MYR 3.94 as they factor in modestly softer revenue growth expectations, partly offset by improving profit margin forecasts and a lower implied future P/E multiple. What's in the News Accepted long term spectrum assignments from the Malaysian Communications and Multimedia Commission for 2x5MHz in the 1800MHz band and 2x20MHz in the 2600MHz band, effective from 30 November 2025 and running to June 2032 and June 2027 respectively (company announcement) Committed MYR 292.5 million in upfront price component payments to the MCMC for the new spectrum and cumulative annual payments totaling MYR 120 million over the assignment periods, supporting network capacity and service quality (company announcement) Declared a third interim tax exempt single tier dividend of 3.6 sen per ordinary share for the financial year ending 31 December 2025, with ex dividend date on 9 December 2025, lodgment date on 10 December 2025, and payment date on 23 December 2025 (company announcement) Valuation Changes Fair Value: Trimmed slightly from MYR 3.98 to MYR 3.94, reflecting a marginally more conservative valuation.
TENAGA
RM 13.54
Tenaga Nasional Berhad
7D
3.4%
1Y
-3.3%

Here's Why Tenaga Nasional Berhad (KLSE:TENAGA) Has A Meaningful Debt Burden

Dec 17
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GAMUDA
RM 4.97
Gamuda Berhad
7D
3.3%
1Y
7.8%

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Dec 16
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IHH
RM 8.62
IHH Healthcare Berhad
7D
-0.9%
1Y
22.6%

IHH: Future Margins And Payout Will Continue To Support Balanced Outlook

Narrative Update on IHH Healthcare Berhad Analysts have marginally trimmed their price target on IHH Healthcare Berhad by about RM0.01, reflecting fine tuned expectations around long term revenue growth, profit margins, and valuation multiples, while maintaining an overall stable outlook on the business. What's in the News A special and extraordinary shareholders meeting is scheduled for January 20, 2026, at 14:00 Singapore Standard Time in Kuala Lumpur to consider key corporate matters and shareholder resolutions (company event notice).
CIMB
RM 8.15
CIMB Group Holdings Berhad
7D
2.8%
1Y
2.5%

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Analysts have modestly raised their fair value estimate for CIMB Group Holdings Berhad to RM8.46 from RM8.42, citing a slightly lower discount rate, marginally improved profit margins, and a small uplift in future P/E assumptions despite a tempered revenue growth outlook. Analyst Commentary Analyst views on CIMB Group Holdings Berhad remain largely constructive, with the modest fair value upgrade reflecting confidence in the bank's ability to execute on profitability targets despite a more muted revenue outlook.
INARI
RM 1.75
Inari Amertron Berhad
7D
-4.4%
1Y
-42.6%
SDG
RM 5.53
SD Guthrie Berhad
7D
3.4%
1Y
13.8%

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MAXIS
RM 3.86
Maxis Berhad
7D
-1.5%
1Y
7.5%

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Dec 12
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AXIATA
RM 2.55
Axiata Group Berhad
7D
-1.9%
1Y
6.7%

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HLBANK
RM 22.26
Hong Leong Bank Berhad
7D
2.7%
1Y
9.4%
SUNCON
RM 5.60
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1Y
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99SMART
RM 3.77
99 Speed Mart Retail Holdings Berhad
7D
6.2%
1Y
57.1%
MAYBANK
RM 10.48
Malayan Banking Berhad
7D
1.2%
1Y
4.0%
PMETAL
RM 7.09
Press Metal Aluminium Holdings Berhad
7D
2.2%
1Y
51.8%