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MALAYSIA’S construction, healthcare and oil and gas sectors are expected to show notable improvements in the second quarter of 2025 (2Q25), according to Maybank Investment Bank Bhd (Maybank IB), which described the broader earnings outlook as “more balanced” following a subdued first quarter.
In a market note issued today, Maybank IB said most sectors are expected to report flattish earnings overall, but several bright spots are emerging.
“Macro data released year-to-date suggests that domestic tailwinds, namely resilient consumer spending and sustained investment upcycle, are countering external headwinds,” it said.
“The 2Q25 results season has just begun, and we are expecting a more balanced quarter after an underwhelming first quarter (1Q25),” the bank added.
On the construction sector, Maybank IB observed that activity in 1Q25 had slowed due to the Chinese New Year and Ramadan, both of which fell within the quarter.
“For 2Q25, we expect works and thus, progress billings to accelerate. This will lead to more revenue and profit recognised in 2Q25,” it said.
The investment bank also expects healthcare and property to rebound after seasonal softness in the first quarter.
In the oil and gas segment, Maybank IB said players in the services and equipment sub-sector are likely to see earnings improve quarter-on-quarter, as 2Q25 marks a return to more stable operations following disruptions typically caused by the monsoon season in the final and initial quarters of the year.
Utilities were also listed among the sectors expected to contribute positively to the quarter. - July 23, 2025