MALACCA SECURITIES TOP PICKS 2025...

Riding The Data Center Flywheel .

- Donald Trump “ELITES” assembles could be a wild card for the US economic outlook. However, we expect persistent tariffs, imposing on China, corporate tax cuts, 
 and reduced government spending going forward.  
- Dollar index will be elevated at least for the near term, 
 which will benefit export driven sectors like Technology and Gloves in Malaysia. 
- Moreover, we expect the data center and AI theme will continue as the investments from MNCs has just started in 2023-2024, and will book earnings going into 2025 onwards. Thus, we favour stocks in the Construction, Building Materials, Property, Utilities.  
- Besides, we like selected O&G, Finance and Renewable Energy stocks, the latter will be riding on the NETR blueprint and electric tariff hike by the TNB recently.  

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MALACCA SECURITIES TOP PICKS 2025...

Riding The Data Center Flywheel .

- Donald Trump “ELITES” assembles could be a wild card for the US economic outlook. However, we expect persistent tariffs, imposing on China, corporate tax cuts, 
 and reduced government spending going forward.  
- Dollar index will be elevated at least for the near term, 
 which will benefit export driven sectors like Technology and Gloves in Malaysia. 
- Moreover, we expect the data center and AI theme will continue as the investments from MNCs has just started in 2023-2024, and will book earnings going into 2025 onwards. Thus, we favour stocks in the Construction, Building Materials, Property, Utilities.  
- Besides, we like selected O&G, Finance and Renewable Energy stocks, the latter will be riding on the NETR blueprint and electric tariff hike by the TNB recently.  

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