What's In Store For The Construction Sector In Budget 2025?
What's In Store For The Construction Sector In Budget 2025?
Other potential Budget 2025 developments. Firstly, whether a light rail transit (estimated cost: MYR16.7bn) or elevated autonomous rapid transit (EART) system (estimated cost: MYR7bn) is implemented in Johor Bahru. Back in May, the Transport Ministry was expected to complete a study on a proposed EART in Johor Bahru by August – potentially giving room for anRHB Investment Bank said it is maintaining an overweight call on the construction sector with top picks on Gamuda (GAM), Sunway Construction (SCCG), and Kerjaya Prospek. The house reiterates that the net development expenditure (DE) under Budget 2025 is expected to remain high at c.MYR90bn – this is coupled with a decent chunk of DE allocated for the transport sub-sector, ie highways, ports, and rail projects. Risks may lie in the potential implementation of the multi-tiered foreign worker levy, which
entails higher levies for more foreign workers hired.
RHb投資銀行表示，繼續看漲施工板塊，並重點推選Gamuda (GAM)，Sunway Construction (SCCG) 和Kerjaya Prospek。該機構強調，2025年預算項下的發展支出（DE）預計將繼續高達約90億馬幣 - 除此之外，運輸分支領域也分配了相當大比例的DE，即高速公路、港口和鐵路項目。風險可能在於對多層外國員工徵費的潛在實施。
涉及僱傭更多外國工人的徵費需繳納更高的費用。
A net DE target of MYR395bn was earmarked during the 12th Malaysia Plan's (12MP) (2021-2025) mid-term review in Sep 2023 vs an earlier target of MYR397bn. Also, the Government raised the ceiling for gross DE under the 12MP (initially at MYR400bn) by an additional MYR15bn during the tabling of Budget 2024. Hence, it is reasonable to assume the amount of net
DE (excluding loan recoveries) will increase roughly by the same magnitude of MYR15bn to c.MYR410bn from MYR395bn previously.Assuming the Government commits to the MYR89.2bn net DE for 2024 – the total cumulative net DE from 2021 to 2024 would be c.MYR317.8bn.
在2023年9月舉行的第12馬來西亞計劃（12MP）（2021-2025）中期評估中，確定了MYR395億的淨DE目標，較早前的MYR397億的目標略低。此外，政府在2024年預算案提交期間將第12馬來西亞計劃（最初爲MYR400億）的總DE上限額外增加了MYR15億。因此，可以合理推測淨DE（不包括貸款回收）的金額將從之前的MYR395億增加約MYR15億，達到約MYR410億。
假設政府承諾2024年的MYR89.2億淨DE - 從2021年到2024年的總累積淨DE將達約317.8億馬幣。
Taking into consideration the estimated net DE of MYR410bn from 2021 to 2025 (under 12MP and after the ceiling was raised in Budget 2024), RHB estimate net DE for FY25 at c.MYR92.2bn. We also envisage the allocation of DE to the transportation sub-sector to be c.20-23%, as c.21% of DE was earmarked for said sub-sector under Budget 2024.
考慮到從2021年到2025年的淨DE估計爲MYR410億（12MP和在2024年預算案中上限額外提高後），RHb估計2025財年的淨DE爲約92.2億馬幣。我們也預計將DE分配給運輸分支領域約20-23%，因爲在2024年預算案中約21%的DE是爲該分支領域保留的。
Other potential Budget 2025 developments. Firstly, whether a light rail transit (estimated cost: MYR16.7bn) or elevated autonomous rapid transit (EART) system (estimated cost: MYR7bn) is implemented in Johor Bahru. Back in May, the Transport Ministry was expected to complete a study on a proposed EART in Johor Bahru by August – potentially giving room for an
update during Budget 2025. Secondly, the house said it envisage some developments on the Juru-Sungai Dua Elevated Expressway (estimated at MYR1.8bn) in Penang – the Public Private Partnership Unit or UKAS under the Prime Minister's Department and PLUS Malaysia officially started discussions on this project in January to address the persistent traffic woes in Seberang Prai.
2025預算的其他潛在發展。首先，在柔佛州新山是否實施輕軌交通（估計成本：MYR16.7億）或高架自動快速交通（EART）系統（估計成本：MYR7億）。五月份，交通部有望在8月完成對新山提出的EARt方案的研究 - 可能爲2025年預算提供新動向。其次，該機構表示，預計檳城Juru-Sungai Dua高架高速公路（估價爲MYR1.8億）將有一些發展 - 首相署下的公私合作伙伴計劃部和PLUS馬來西亞在1月正式就該項目展開討論，以解決Seberang Prai地區長期的交通問題。
鑑於12MP後（並且在2024年預算案中提高上限後）從2021年到2025年的淨DE估計爲MYR410億，RHb預計2025財年的淨DE爲約92.2億馬幣。我們還預見將DE分配給運輸分支領域約20-23%，因爲2024年預算案中約21%的DE是爲該分支領域保留的。
Key beneficiaries include GAM, SCCG, and IJM Corp, which have solid track records in government infrastructure projects. Concurrently, Gabungan AQRS and Econpile may emerge as sub-contractors for this project.
主要受益者包括GAm、SCCG和IJm公司，在政府基礎設施項目中有堅實的業績記錄。與此同時，Gabungan AQRS和Econpile可能會成爲該項目的分包商。
The Public-Private Partnership Masterplan 2030 (PIKAS 2030) launched in September signals the Government's intention to expedite infrastructure expansion by leveraging on private sector resources. Key potential projects (which probably never made public headlines) highlighted under PIKAS 2030 include the Kuantan-Singapore Expressway, expansion of the West Coast
Expressway (Banting-Nusajaya), Klang Logistics Corridor, Kuala LumpurKlang Expressway, and Pasir Gudang Expressway among others.
在2029年9月啓動的《公私合作伙伴關係2030大綱》(PIKAS 2030)表明政府打算通過利用私營部門資源來加快基礎設施擴張。根據PIKAS 2030重點潛在項目（可能從未被公開報道）包括關丹-新加坡高速公路，西海岸的擴建高速公路（Banting-Nusajaya），巴生物流走廊，吉隆坡-巴生高速公路，及柏西古當高速公路等。
Klang Logistics Corridor、吉隆坡-巴生高速公路和Pasir Gudang高速公路等。
譯文內容由第三人軟體翻譯。
