Malaysia's stock market has seen notable performances from its largest companies, with certain big-cap stocks outperforming the market in 2024. These companies, spanning sectors like finance, property, construction, and plantation, have leveraged strategic growth initiatives and resilient fundamentals to boost shareholder value. This article highlights the top ten big-cap stocks in Malaysia with the highest performance, analyzing the factors driving their success and how they’ve weathered global economic challenges to emerge as market leaders.

Only stocks with a market cap higher than RM10 billion will be selected.

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No 10: Hartalega (YTD Performance: 28.7%)

Hartalega Holdings Berhad is a leading Malaysian glove manufacturer specializing in nitrile gloves, recognized for its innovation and sustainability practices. Operating since 1988, the company runs advanced production facilities in Selangor and exports globally to healthcare and industrial markets. Hartalega's key strengths include cutting-edge automation, R&D, and eco-friendly initiatives, ensuring high-quality, cost-efficient glove production while meeting global demand for personal protective equipment.

The company's strong share price performance year-to-date in 2024 is driven by signs of recovery in the glove sector after a prolonged downturn. Factors include improving average selling prices (ASP) due to tighter supply, efficient cost management, and a strong balance sheet. Market confidence has also been bolstered by its leadership in technology and sustainable practices. Additionally, anticipation of declining raw material costs and robust management practices have supported investor sentiment, positioning it as a key turnaround stock

No 9: 99 Speed Mart (YTD Performance: 29.2%)

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99 Speed Mart operates a chain of mini-markets in Malaysia, emphasizing convenience and affordability. Known for its extensive network of stores, it provides everyday essentials, groceries, and household items to local communities. Its business model focuses on compact store sizes in strategic residential and urban locations, ensuring accessibility. With competitive pricing and efficient inventory management, 99 Speed Mart caters to budget-conscious shoppers while maintaining rapid turnover. The company’s consistent expansion reflects its ability to meet Malaysia's growing demand for quick and reliable shopping solutions.

The company's strong YTD share performance is due to its record RM2.36 billion IPO, the largest in Malaysia in seven years, signaling high investor interest. It reported robust financials, including a 66.3% profit rise, fueled by sales growth and outlet expansion. The company's aggressive plan to open 250 new stores annually until 2027 and strategic e-commerce initiatives further boosted confidence.

No 8: AMMB Holdings (YTD Performance: 30.6%)

AMMB Holdings Berhad, also known as AmBank Group, operates as a leading financial services provider in Malaysia. Its core services include retail, business, and investment banking, insurance, and asset management. The group serves individuals and corporations with products like loans, deposits, credit cards, and wealth management solutions. AMMB focuses on digital transformation to enhance customer experience and expand its financial reach across Malaysia’s diverse markets.

The company has achieved top-10 gainer status in Malaysia this year, largely due to strong financial performance, strategic growth plans, and positive analyst sentiment. Notably, AMMB reported a 9.4% rise in net profit for FY2024 and a 32% increase in Q1FY25 earnings, driven by efficient cost management and solid asset quality. Additionally, its "Winning Together 2029" strategy emphasizes dividend growth and profitability, attracting investors. The stock's target price was raised by analysts, reflecting confidence in sustainable loan growth and net interest margins.

No 7: Tenaga Nasional (YTD Performance: 40.0%)

Tenaga Nasional Berhad (TENAGA) is Malaysia's largest electricity utility company, generating, transmitting, and distributing electricity across the country. It operates power plants, manages grid systems, and provides energy solutions. TENAGA plays a crucial role in supporting Malaysia's energy needs and is transitioning towards renewable energy to support sustainability.

Tenaga Nasional Berhad (TENAGA) has become a top YTD gainer in Malaysia due to several factors. The company’s strategic shift towards renewable energy has attracted investor interest, aligning with global sustainability trends. Strong earnings growth, driven by stable electricity demand and government support for energy infrastructure, has further bolstered its financial outlook. Additionally, TENAGA has benefited from favorable regulatory conditions, including cost-recovery mechanisms that protect its revenue base despite fluctuating energy prices. The company's initiatives to enhance operational efficiency and reduce debt have also strengthened investor confidence, positioning TENAGA as a resilient utility stock amid market uncertainties.

No 6: CIMB Group Holdings (YTD Performance: 42.7%)

CIMB Group is a leading ASEAN universal bank providing a wide range of financial services, including retail banking, corporate banking, investment banking, Islamic banking, and asset management. It operates across Malaysia and other ASEAN countries, offering solutions to individuals, businesses, and institutions.

CIMB’s strong performance as one of Malaysia’s top 10 gainers YTD can be attributed to several factors. Firstly, the bank has benefited from robust economic recovery in ASEAN, which boosted demand for banking services across retail, corporate, and investment sectors. Its strategic focus on digital transformation has improved customer experience and operational efficiency, contributing to higher profitability. Furthermore, CIMB’s prudent risk management and cost-control measures have enhanced its financial stability. The positive market sentiment and the bank’s solid capital position have also driven investor confidence and stock performance.

No 5: Malaysia Airport (YTD Performance: 44.4%)

Malaysia Airports Holdings Berhad (MAHB) operates and manages airports in Malaysia and abroad. It provides airport-related services, including aircraft landing, parking, passenger handling, and retail operations. MAHB is essential to Malaysia's air transportation and tourism industries, with its main hub at Kuala Lumpur International Airport (KLIA).

Malaysia Airports Holdings Berhad (MAHB) has become a top YTD gainer in Malaysia primarily due to the strong recovery in air travel demand post-pandemic. As travel restrictions eased, passenger volumes surged, boosting MAHB’s revenue from airport services and retail operations. Additionally, increased domestic and international flights have led to higher aircraft landing and parking fees. Strategic expansions and ongoing upgrades at major airports like KLIA have also contributed to investor optimism. Another factor is Malaysia’s tourism revival, with more inbound travelers supporting long-term growth for the aviation sector. Improved financial performance and better-than-expected earnings results further strengthened investor confidence in MAHB's recovery trajectory.

No 4: IJM Corporation (YTD Performance: 61.4%)

IJM Corporation Berhad is a leading Malaysian conglomerate engaged in construction, property development, infrastructure concessions, manufacturing, and plantations. Its construction division undertakes large-scale projects, including highways, buildings, and industrial facilities. The property arm develops residential, commercial, and mixed-use projects. IJM also operates toll roads, ports, and water supply concessions. Additionally, it produces building materials and manages oil palm plantations, leveraging diversification for steady growth across domestic and global markets.

The company became one of Malaysia's top 10 share price performers in 2024 year-to-date due to several key factors. The company showcased strong performance across its diversified sectors, including construction, property development, and infrastructure. Key achievements include securing major contracts, such as logistics hubs and high-tech data centers, boosting its order book to RM6.5 billion. Additionally, its strategic projects like The Light City in Penang and international expansions in the UK and Indonesia have strengthened investor confidence. A healthy balance sheet and focus on high-growth sectors further enhanced its market appeal.

No 3: United Plantation Berhad (YTD Performance: 73.8%)

United Plantations Berhad is a Malaysian-based company primarily engaged in oil palm and coconut cultivation. Its operations span plantations, milling, and downstream processing, including the production of specialty fats and oils. Known for sustainable and efficient practices, it integrates advanced agricultural techniques to achieve high yields with minimal environmental impact. The company operates in Malaysia and Indonesia, exporting products globally while emphasizing innovation, quality, and sustainability across its value chain.

The company has emerged as one of the top 10 share price performers in Malaysia year-to-date due to its strong fundamentals and strategic operational focus. The company benefited from robust palm oil prices, efficient cost management, and high productivity in its plantations, resulting in improved profit margins. Additionally, its commitment to sustainability and value-added products has attracted investor confidence. Dividend payouts and earnings growth further enhanced its appeal, supporting its stock performance.

No 2: Gamuda Berhad (YTD Performance: 99.8%)

Gamuda Berhad is a leading Malaysian infrastructure and property development company. It operates across three main segments: construction, property development, and infrastructure concessions. Known for large-scale projects, Gamuda focuses on building highways, railways, and urban infrastructure, as well as residential and commercial developments. The company also holds interests in toll roads, water treatment, and other infrastructure assets. Its expertise in project management and engineering solutions positions it as a key player in Malaysia's growth.

The company has emerged as one of Malaysia's top 10 share price performers in 2024 due to its strong growth in construction and infrastructure projects. Key drivers include a robust order book, which exceeded RM31 billion by October 2024, with additional wins expected from large-scale projects like the Sabah hydroelectric plant and Penang Light Rail Transit. The company’s strategic shift to renewable energy and expanding data center projects further enhance its long-term growth prospects.

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No 1: Sunway Berhad (YTD Performance: 142.2%)

Sunway Berhad is a Malaysian conglomerate with diversified operations across construction, property development, education, healthcare, retail, and leisure. It is well-known for its integrated business model, which includes a strong presence in real estate development, managing shopping malls, and operating universities and hospitals. The company’s flagship projects, such as Sunway Resort City and Sunway Pyramid Mall, underscore its commitment to sustainable development. Sunway also emphasizes innovation and digital transformation in its operations​

The company has become the top-performing stock in Malaysia due to a combination of strong fundamentals and diversified business growth. Key drivers include robust performance in property development, healthcare, and construction sectors. Sunway's strategic presence in key areas like Iskandar Malaysia, its successful healthcare unit, and new property projects have fueled investor confidence. Additionally, Sunway's positive sales results and the upcoming listing of its healthcare division have contributed to the strong upward momentum in its share price.

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