Malaysia Infrastructure Report Q3 2009

Publication Date	June 2009
Publisher	Business Monitor
Product Type	Report
Pages	84
ISBN Number	not applicable
Product Code	BMI04007

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Summary

We have revised down our forecasts for this quarter in light of worse than expected gross fixed capital formation and real capital investment growth figures. In 2008, real capital investment growth was just 1.1%, compared with an earlier estimate of 5.4%. This exacerbates our earlier-expressed fears that promised government investment in infrastructure is often failing to materialise (in part due to the government's funding constraints). We now believe that the real value of Malaysia's construction sector will decline by 3.6% in 2009, compared with our earlier 2009 forecast of a relatively shallow decline of
-1.4%. Furthermore, we are now more bearish about the prospects for 2010 than we were during our last update. We now predict that the sector will register real growth of just 0.4% next calendar year, compared with our earlier forecast of 2.1%. Thereafter, we anticipate only very modest real sector growth in 2011 and 2012 of 1.2% and 1.8% respectively.

The principal news in Malaysia's infrastructure sector in the last quarter is concerning Malaysia's largest power producer, Tenaga Nasional Berhad (TNB), which is aiming to raise ringgit-denominated loans for funding its US$2bn undersea electricity transmission line (May 2009). The submarine transmission line will transfer power from Sarawak on Borneo to the peninsula. The project includes installation of a 730km high-voltage direct current transmission network. It also includes laying of a 670km undersea cable for the 2,400MW Bakun hydro-electric dam.

This quarter we introduce a profile for IJM Corp. The company, which has interests across a wide range of infrastructure-related sectors and geographic regions, maintained a profit in the last 12-month reporting period. Several factors offer support, including exposure to India's market, where we anticipate moderately strong economic growth in 2009, in contrast to recessions in many other countries (including Malaysia).

Content

Executive Summary
Market Overview
Malaysia
Global Overview
Governments To The Rescue: The Global Surge In Infrastructure Spending
- Table: Infrastructure Stimulus Plans List, 2009-2010 (US$bn)
SWOT Analysis
Malaysia Infrastructure SWOT
Malaysia Political SWOT
Malaysia Economic SWOT
Malaysia Business Environment SWOT
Major Infrastructure Developments And Key Projects
Transport Infrastructure Overview
New And Ongoing Projects
Airports
Ports
Roads
Railways
Energy And Utilities Infrastructure Overview
Primary Energy Demand
Meeting Future Demand
New And Ongoing Projects
Power Plants and Transmission Grids
Oil and Gas Pipelines
Water
Construction Overview
New And Ongoing Projects
Residential Construction
Commercial Construction
Industrial Construction
Tourism Construction
Major Projects
- Table: Malaysia - Major Infrastructure Projects - Transport
- Table: Malaysia Major Infrastructure Projects - Utilities
- Table: Malaysia Major Infrastructure Projects - Construction
- Table: Economic And Construction Data
BMI Forecasts
Risks
Business Environment
Asia Pacific Infrastructure Business Environment Ratings
Regional Infrastructure Business Environment Ratings
Limits Of Potential Returns
Risk To The Realisation Of Potential Returns
Project Finance Ratings: Outlook For Asia Pacific
- Table: Design And Construction Rating
- Table: Commissioning And Operating Rating
- Table: Overall Project Finance Rating
Foreign Direct Investment
Labour Force
Legal Framework
Tax Regime
Macroeconomic Outlook
- Table: Malaysia - Economic Activity
Political Outlook
Company Monitor
- Table: Malaysia - Key Players
Company Profiles
IJM Corp
Gamuda
WCT Berhad
Country Snapshot: Malaysia Demographic Data
Section 1: Population
- Table: Demographic Indicators, 2005-2030
- Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education And Healthcare
- Table: Education, 2000-2003
- Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
- Table: Employment Indicators, 2001-2006
- Table: Consumer Expenditure, 2000-2012 (US$)
- Table: Average Annual Manufacturing Wages, 2000-2012
BMI Forecast BMI Forecast Modelling
How We Generate Our Industry Forecasts
Construction Industry
Sources
Business Environment Ratings
Ratings Overview
- Table: Infrastructure Business Environment Indicators
Project Finance Ratings Methodology
Design & Construction Phase
Historical Data & Forecasts
Commissioning and Operating Phase- Commercial Construction
Commissioning and Operating Phase - Energy and Utilities
Commissioning and Operating Phase -Transport