<p>[新加坡] 麦格理证券的股票研究部门分析师对马来西亚市场在今年的前景持乐观态度，相较于新加坡、菲律宾、泰国和印度尼西亚等东盟同行。</p>
<p>在 1 月 21 日（星期三）于新加坡滨海湾金融中心的办公室举行的媒体简报会上，麦格理集团东盟股票研究负责人 Jayden Vantarakis 表示，强劲的盈利增长、预期的企业资本支出周期以及林吉特的强势是该行将马来西亚列为其覆盖的五个东盟经济体中首位的原因。</p>
<p>Vantarakis 指出，麦格理的分析师团队还认为，今年马来西亚可能会提前举行选举，这也可能是一个积极因素。</p>
<p>马来西亚的全国大选预计将在 2028 年初之前举行。尽管总理安瓦尔·易卜拉欣最近表示今年不会举行临时选举，但一些分析师对此持不同看法。在安瓦尔执政期间，马来西亚经济实现了增长，并且吸引了投资，尤其是在科技领域。</p>
<p>该行将菲律宾、新加坡、印度尼西亚和泰国市场按顺序排在马来西亚之后。</p>
<p>Vantarakis 表示，菲律宾的高排名源于他所认为的 “价值投资”，尽管该市场在去年表现不佳。</p>
<p>“在估值方面，它以九倍的市盈率在进入今年时排名最高。我们在覆盖的股票中看到最大的上涨空间，” Vantarakis 说。</p>
<p>他补充说，去年的国内政治 “噪音” 今年应该会减弱，这可能为未来的商业活动提供一个更支持的环境。</p>
<p>由于对国内政治形势的担忧，泰国的排名较低。泰国预计将在 2 月 8 日举行选举，这可能导致在三年内产生第四位总理。</p>
<p>在选举中竞争的三大主要泰国政党——人民力量党、人民党和泰国前进党，均提出了不同的经济复苏方案。</p>
<p>对于印度尼西亚，货币压力是一个担忧，但 Vantarakis 指出，普拉博沃政府上任仅约一年，分析师们仍在关注该政府的增长议程如何展开。</p>
<p>尽管美元指数下滑，印度尼西亚的卢比在周二仍创下对美元的历史最低点。卢比的贬值与普拉博沃·苏比安托总统的侄子托马斯·迪万多诺被提名为印尼央行董事会成员的背景有关，这引发了对央行自主权可能被侵蚀的担忧。</p>
<p>新加坡在五个经济体中排名居中，Vantarakis 表示，新加坡被视为 “避风港” 市场，他还指出，新加坡股市在过去几年表现极为出色。</p>
<p>然而，新加坡市场指数的部分增长是由该国的三家本地银行推动的，Vantarakis 表示，他预计将看到 “业绩从大型银行向其他领域的扩展”。</p>
<p>较低的利率可能会对银行收入施加压力；但它们也可能使新加坡上市的房地产投资信托（Reits）成为一个有吸引力的选择。</p>
<p>较低的利率通常会降低银行的贷款盈利能力，但这也意味着 Reits 的潜在债务成本降低，这可能进一步促进分配增长。</p>
<p>麦格理在新加坡的机构股票销售负责人 Andrew Hill 表示，他对新加坡小型股的潜力感到兴奋，并指出在金融和科技领域的机会。他的评论呼应了该行股票研究部门在 1 月 16 日发布的一份报告，该报告关注了新加坡市场的潜在股票选择。</p>
<p>麦格理的研究覆盖了亚洲 855 只股票，其中 200 只在东南亚。</p>

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<p>麦格理的分析师将马来西亚市场评为五个东盟国家中的首选，理由是强劲的盈利增长、企业资本支出周期以及强势的林吉特。他们预计可能会提前举行选举，这可能对市场产生积极影响。菲律宾、新加坡、印度尼西亚和泰国紧随其后，菲律宾尽管表现不佳，但因其估值受到关注。泰国的政治局势和印度尼西亚的货币压力引发了担忧。新加坡被视为避风港，预计在金融和科技领域会有小型股机会</p>

<p>[SINGAPORE] Analysts from Macquarie’s equity research arm are bullish on the prospects for Malaysia’s market this year when compared with its Asean peers of Singapore, the Philippines, Thailand and Indonesia.</p>
<div class="lb-trans"><p>[新加坡] 麦格理证券的股票研究部门分析师对马来西亚市场在今年的前景持乐观态度，相较于新加坡、菲律宾、泰国和印度尼西亚等东盟同行。</p>
</div><p>In a briefing to the media on Wednesday (Jan 21) at its Singapore office in the Marina Bay Financial Centre, Jayden Vantarakis, Macquarie Group’s head of Asean equity research, said strong earnings growth, an anticipated corporate capex cycle and strength in the ringgit were reasons the bank placed Malaysia top among the five Asean economies that it covered.</p>
<div class="lb-trans"><p>在 1 月 21 日（星期三）于新加坡滨海湾金融中心的办公室举行的媒体简报会上，麦格理集团东盟股票研究负责人 Jayden Vantarakis 表示，强劲的盈利增长、预期的企业资本支出周期以及林吉特的强势是该行将马来西亚列为其覆盖的五个东盟经济体中首位的原因。</p>
</div><p>Vantarakis noted that the team of analysts at Macquarie also think that there could potentially be early polls in Malaysia this year, which could also be a positive.</p>
<div class="lb-trans"><p>Vantarakis 指出，麦格理的分析师团队还认为，今年马来西亚可能会提前举行选举，这也可能是一个积极因素。</p>
</div><p>Malaysia’s general election is due by early 2028. While Prime Minister Anwar Ibrahim has recently said that there would not be a snap election called this year, some analysts have speculated otherwise. The Malaysian economy has grown during Anwar’s time in office and the economy has also attracted investments, particularly in the tech sector.</p>
<div class="lb-trans"><p>马来西亚的全国大选预计将在 2028 年初之前举行。尽管总理安瓦尔·易卜拉欣最近表示今年不会举行临时选举，但一些分析师对此持不同看法。在安瓦尔执政期间，马来西亚经济实现了增长，并且吸引了投资，尤其是在科技领域。</p>
</div><p>The bank ranked the Philippines, Singapore, Indonesia and Thailand markets in that order behind Malaysia.</p>
<div class="lb-trans"><p>该行将菲律宾、新加坡、印度尼西亚和泰国市场按顺序排在马来西亚之后。</p>
</div><p>Vantarakis said the Philippines’ high ranking came from what he saw as a “value play” even as the market was a big underperformer last year.</p>
<div class="lb-trans"><p>Vantarakis 表示，菲律宾的高排名源于他所认为的 “价值投资”，尽管该市场在去年表现不佳。</p>
</div><p>“It ranks the highest in terms of its valuation, price to earnings of nine times going into this year. And we have the most upside across our coverage of the names there,” Vantarakis said.</p>
<div class="lb-trans"><p>“在估值方面，它以九倍的市盈率在进入今年时排名最高。我们在覆盖的股票中看到最大的上涨空间，” Vantarakis 说。</p>
</div><p>He added that domestic political “noise” from last year should also tone down this year, and that it could represent a more supportive environment for businesses moving ahead.</p>
<div class="lb-trans"><p>他补充说，去年的国内政治 “噪音” 今年应该会减弱，这可能为未来的商业活动提供一个更支持的环境。</p>
</div><p>Thailand ranked lowly due to concerns about risks from its domestic political situation. Thailand is due to hold its election on Feb 8 that could lead to its fourth prime minister within a span of three years.</p>
<div class="lb-trans"><p>由于对国内政治形势的担忧，泰国的排名较低。泰国预计将在 2 月 8 日举行选举，这可能导致在三年内产生第四位总理。</p>
</div><p>The three major Thai parties competing in the election – the Bhumjaithai Party, the People’s Party and the Pheu Thai Party, all offer differing economic proposals on resuscitating the Thai economy.</p>
<div class="lb-trans"><p>在选举中竞争的三大主要泰国政党——人民力量党、人民党和泰国前进党，均提出了不同的经济复苏方案。</p>
</div><p>For Indonesia, currency pressures are a concern, but Vantarakis noted that the Prabowo administration has only been in office for about a year, and that analysts are still monitoring how the administration’s growth agenda plays out.</p>
<div class="lb-trans"><p>对于印度尼西亚，货币压力是一个担忧，但 Vantarakis 指出，普拉博沃政府上任仅约一年，分析师们仍在关注该政府的增长议程如何展开。</p>
</div><p>Indonesia’s rupiah hit the all-time low against the US dollar on Tuesday, even as the dollar index slid. The rupiah’s decline comes against the backdrop of the nomination of President Prabowo Subianto’s nephew Thomas Dijwandono as a member of Bank Indonesia’s board, raising concerns about the potential erosion of the central bank’s autonomy.</p>
<div class="lb-trans"><p>尽管美元指数下滑，印度尼西亚的卢比在周二仍创下对美元的历史最低点。卢比的贬值与普拉博沃·苏比安托总统的侄子托马斯·迪万多诺被提名为印尼央行董事会成员的背景有关，这引发了对央行自主权可能被侵蚀的担忧。</p>
</div><p>Singapore, which ranked in the middle of the five economies, is regarded as a “safe haven” market according to Vantarakis, who also noted that the Singapore stock market has done extremely well in the last couple of years.</p>
<div class="lb-trans"><p>新加坡在五个经济体中排名居中，Vantarakis 表示，新加坡被视为 “避风港” 市场，他还指出，新加坡股市在过去几年表现极为出色。</p>
</div><p>Yet part of the growth of the Singapore market’s index has been driven by the country’s three local banks, and Vantarakis said he expects to see a “broadening out of performance away from the large banks”.</p>
<div class="lb-trans"><p>然而，新加坡市场指数的部分增长是由该国的三家本地银行推动的，Vantarakis 表示，他预计将看到 “业绩从大型银行向其他领域的扩展”。</p>
</div><p>Lower interest rates could put pressure on bank revenues; yet they could also make Singapore-listed real estate investment trusts (Reits) an attractive option.</p>
<div class="lb-trans"><p>较低的利率可能会对银行收入施加压力；但它们也可能使新加坡上市的房地产投资信托（Reits）成为一个有吸引力的选择。</p>
</div><p>Lower interest rates generally reduce profitability from lending for banks, but they also mean potentially lower cost of debt for Reits, which could in turn spur distribution growth.</p>
<div class="lb-trans"><p>较低的利率通常会降低银行的贷款盈利能力，但这也意味着 Reits 的潜在债务成本降低，这可能进一步促进分配增长。</p>
</div><p>Andrew Hill, head of institutional equity sales for Macquarie in Singapore, said he is excited by the potential of small-caps in the city-state and noted opportunities in finance and tech. His comments echoed a report released by the bank’s equity research arm on Jan 16 that looked at potential stock picks for the Singapore market.</p>
<div class="lb-trans"><p>麦格理在新加坡的机构股票销售负责人 Andrew Hill 表示，他对新加坡小型股的潜力感到兴奋，并指出在金融和科技领域的机会。他的评论呼应了该行股票研究部门在 1 月 16 日发布的一份报告，该报告关注了新加坡市场的潜在股票选择。</p>
</div><p>Macquarie’s research covers 855 stocks across Asia of which 200 are in South-east Asia.</p>
<div class="lb-trans"><p>麦格理的研究覆盖了亚洲 855 只股票，其中 200 只在东南亚。</p>
</div>

麦格理将马来西亚市场评为其在五个东盟国家中的首选