Top 24 Largest Companies in Malaysia (2026 data)

Malaysia’s stock market is unusually top-heavy. Just 24 companies account for roughly RM1.12 trillion of value — more than half of the entire Bursa Malaysia market. Understand those 24 and you understand most of what moves the Malaysian market on any given day.

This guide ranks the 24 largest companies listed on Bursa Malaysia by market capitalisation, with prices and market caps verified in July 2026. For each one you get the stock code, the sector, what the business actually does, and the specific thing worth watching. We also cover the biggest Malaysian company of all — which, as you’ll see, isn’t on this list at all.

Backdrop as of July 2026: the FBM KLCI is trading around the 1,730 level, Bank Negara Malaysia has held the Overnight Policy Rate at 2.75% for about a year, and BNM expects 2026 GDP growth to land within its 4.0%–5.0% forecast range. It’s a stable, unspectacular market — which is exactly the environment where knowing the individual businesses matters more than guessing the index.

New to the mechanics? Start with our guide to the best share trading platforms in Malaysia, then learn how to analyse a company’s financial position before you buy anything on this page.

Top 24 Largest Companies in Malaysia (2026)

Ranked by market capitalisation on Bursa Malaysia. Prices and market caps verified mid-July 2026 — they move daily, so treat these as a snapshot, not a live quote.

Note on the cut-off: the gap between #24 United Plantations (RM21.5 bil) and #25 AMMB Holdings (RM21.5 bil) is a rounding error. Hong Leong Financial Group, IOI Properties and Westports are all clustered within about RM500 million of the line too. On any given week, the bottom of this list reshuffles.

What the List Tells You Before You Read a Single Profile

Three patterns jump out, and they explain most of the KLCI’s behaviour:

• Banks dominate. Five banks — Maybank, Public Bank, CIMB, Hong Leong Bank and RHB — are worth about RM405 billion combined, roughly 36% of the top 24. When Malaysian banks re-rate, the index moves, full stop.
• Power and plantations are the other pillars. Tenaga, YTL Power and Petronas Gas add about RM155 billion; SD Guthrie, IOI Corp, KLK and United Plantations another RM121 billion. Add the three telcos (RM92 billion) and four sectors account for nearly 70% of the top 24.
• There is almost no technology. No Malaysian tech company is anywhere near this list. ViTrox, Inari Amertron and Malaysian Pacific Industries — the semiconductor names — sit around RM8–14 billion, a fraction of Maybank. If you want tech exposure, Bursa is not where you get it.

That concentration cuts both ways. It makes the Malaysian market defensive and income-friendly, which is why Malaysian blue chip dividend stocks are a staple of local portfolios. It also means the index rarely delivers the kind of growth you’d get from a market with a large technology weighting.

The 24 Largest Companies in Malaysia, One by One

1. Malayan Banking Berhad (Maybank)

Code: 1155 (MAYBANK) | Sector: Banking | Market cap: RM135.3 bil | Price: RM11.20

Malaysia’s largest bank by any measure and the country’s largest listed company. Maybank operates across all 10 ASEAN countries, with meaningful franchises in Singapore and Indonesia alongside its dominant home market. It reported FY2025 net profit of RM10.51 billion, up 4.2% year on year.

What to watch: Maybank is a proxy for the Malaysian economy — loan growth, asset quality and net interest margin move with GDP and the OPR. With rates on hold at 2.75%, margin expansion is limited; the story here is dividends and steady book value growth, not re-rating.

2. Public Bank Berhad

Code: 1295 (PBBANK) | Sector: Banking | Market cap: RM101.9 bil | Price: RM5.25

The most consistently profitable bank in Malaysia, built on conservative retail and SME lending with famously low non-performing loans. FY2025 net profit was RM7.22 billion. In Q1 2025 it completed the acquisition of a 44.15% stake in insurer LPI Capital for RM1.72 billion — a deal widely regarded as the standout Malaysian M&A of that year, adding a general insurance arm to the group.

What to watch: Public Bank trades at a persistent premium to peers because of its credit quality. The share price is near its all-time high, so the margin of safety is thinner than it was.

3. CIMB Group Holdings Berhad

Code: 1023 (CIMB) | Sector: Banking | Market cap: RM84.5 bil | Price: RM7.82

Malaysia’s second-largest bank and the most regionally diversified, with substantial operations in Indonesia (CIMB Niaga), Thailand and Singapore. FY2025 net profit came in at RM7.9 billion, up 1.7%. Its Forward30 strategic plan is the current management framework.

What to watch: Regional exposure is a double-edged sword — Indonesian rupiah and Thai baht swings feed straight into reported earnings. CIMB is the most cyclical of the big three Malaysian banks.

4. Tenaga Nasional Berhad

Code: 5347 (TENAGA) | Sector: Utilities | Market cap: RM83.4 bil | Price: RM14.30

Malaysia’s national electricity utility — generation, transmission and distribution for Peninsular Malaysia, serving over 10 million customers. Tenaga is the single most important beneficiary of Malaysia’s data centre boom: every hyperscale facility in Johor and Selangor needs grid connection and firm power.

What to watch: Data centre demand is the growth story, but the regulated tariff framework (Regulatory Period 4) caps how much of it reaches shareholders. Also watch capital expenditure on grid upgrades and renewable capacity, which is heavy and ongoing.

5. IHH Healthcare Berhad

Code: 5225 (IHH) | Sector: Healthcare | Market cap: RM75.1 bil | Price: RM8.50

One of the world’s largest private healthcare groups, running hospitals under Pantai and Gleneagles in Malaysia, Mount Elizabeth in Singapore, Acibadem in Türkiye and Fortis in India. Dual-listed on Bursa Malaysia and the Singapore Exchange.

What to watch: IHH is really four regional businesses in one wrapper, and the Turkish lira exposure through Acibadem has historically been the swing factor. Medical tourism recovery and Indian hospital expansion are the growth drivers.

6. Press Metal Aluminium Holdings Berhad

Code: 8869 (PMETAL) | Sector: Industrial | Market cap: RM65.9 bil | Price: RM8.00

Southeast Asia’s largest aluminium smelter, with operations in Sarawak powered by cheap hydroelectricity — a structural cost advantage most global smelters cannot match, and an increasingly valuable one as buyers pay up for low-carbon aluminium.

What to watch: Earnings track the London Metal Exchange aluminium price almost mechanically. This is the most commodity-sensitive large cap on Bursa; a 52-week range of RM5.21 to RM9.28 tells you how much it moves.

7. SD Guthrie Berhad

Code: 5285 (SDG) | Sector: Plantation | Market cap: RM46.7 bil | Price: RM6.75

The world’s largest oil palm plantation company by planted area. If the name is unfamiliar, that’s because this is Sime Darby Plantation renamed — shareholders approved the change to SD Guthrie in May 2024, with 99.99% in favour, to end the confusion between the three separately listed “Sime Darby” companies. The stock code, 5285, did not change.

What to watch: Crude palm oil prices drive everything, and the stock is trading at its all-time high. Land conversion for industrial and data centre use is an underappreciated second earnings stream.

8. Hong Leong Bank Berhad

Code: 5819 (HLBANK) | Sector: Banking | Market cap: RM46.0 bil | Price: RM22.44

The most efficient of Malaysia’s large banks, with a cost-to-income ratio consistently among the lowest in the sector. A significant contributor to earnings comes from its associate stake in Bank of Chengdu in China.

What to watch: That China associate stake is both the differentiator and the risk — it is a large share of profit that sits outside management’s direct control.

9. Petronas Chemicals Group Berhad

Code: 5183 (PCHEM) | Sector: Chemicals | Market cap: RM37.8 bil | Price: RM4.73

Malaysia’s largest petrochemical producer and the listed chemicals arm of Petronas, making olefins, polymers, fertilisers and methanol using advantaged domestic feedstock.

What to watch: Global petrochemical margins have been compressed by a wave of Chinese capacity, and the share price reflects it — RM4.73 against an all-time high of RM9.54. This is a cyclical trading at a cyclical low, which is either an opportunity or a value trap depending on when the capacity cycle turns.

10. RHB Bank Berhad

Code: 1066 (RHBBANK) | Sector: Banking | Market cap: RM37.2 bil | Price: RM8.53

Malaysia’s fourth-largest bank by assets, offering conventional and Islamic banking with a strong SME franchise and a well-regarded capital position.

What to watch: RHB has consistently been among the higher-yielding large-cap banks, which makes it a common holding in Malaysian income portfolios. Its capital ratios give it room to sustain that payout.

11. YTL Power International Berhad

Code: 6742 (YTLPOWR) | Sector: Utilities & data centres | Market cap: RM36.6 bil | Price: RM4.24

A global utility — power generation in Malaysia, Wessex Water in the UK, and telecoms — that has become Malaysia’s most direct listed play on AI infrastructure. In late 2025 it completed the country’s first Nvidia-powered AI data centre in Kulai, Johor, running liquid-cooled GB200 Grace Blackwell GPUs on a 1,640-acre campus supported by a 500MW solar plant, under a roughly RM10 billion partnership with Nvidia.

What to watch: The AI data centre pivot is genuinely material, but it is capital-hungry and the returns are unproven at this scale. The regulated UK water business provides the cash flow ballast underneath it.

12. MISC Berhad

Code: 3816 (MISC) | Sector: Shipping & energy logistics | Market cap: RM35.5 bil | Price: RM7.95

One of the world’s largest owner-operators of LNG carriers, plus petroleum tankers, floating production units and offshore marine services. Majority-owned by Petronas, which gives it a captive charter base.

What to watch: Long-term charter contracts make earnings far steadier than typical shipping companies. The offshore heavy engineering segment has been the problem area, with project cost overruns hitting results in recent years.

13. CelcomDigi Berhad

Code: 6947 (CDB) | Sector: Telecommunications | Market cap: RM34.7 bil | Price: RM2.96

Malaysia’s largest mobile operator by subscribers, created by the 2022 merger of Celcom and Digi. Note the ticker is CDB, not “DIGI” — a legacy of the merger that still trips up investors using old watchlists.

What to watch: Merger synergies were the original investment case and are largely delivered. What’s left is a mature, cash-generative business in a saturated market, plus the ongoing 5G network structure question. The stock is closer to its 52-week low than its high.

14. Petronas Gas Berhad

Code: 6033 (PETGAS) | Sector: Utilities | Market cap: RM34.5 bil | Price: RM17.44

Owns and operates Malaysia’s gas transmission pipeline network, regasification terminals and utilities plants. Revenue comes largely from regulated tariffs and long-term contracts rather than commodity prices.

What to watch: This is one of the most defensive names on Bursa — predictable, regulated cash flow and a long record of consistent dividends. The trade-off is minimal growth.

15. Sunway Berhad

Code: 5211 (SUNWAY) | Sector: Diversified conglomerate | Market cap: RM32.8 bil | Price: RM5.23

Property development, construction, healthcare, retail malls, education and leisure — with Sunway City in Selangor as the flagship integrated township. Its healthcare arm has been the standout value driver.

What to watch: Sunway has re-rated hard over the past few years, from under RM1 at its low to RM5.23. Much of that came from the market assigning proper value to Sunway Healthcare. Whether the conglomerate discount stays compressed is the open question.

16. 99 Speed Mart Retail Holdings Berhad

Code: 5326 (99SMART) | Sector: Retail | Market cap: RM31.0 bil | Price: RM3.69

Malaysia’s largest mini-market chain, with more than 2,500 outlets built on a hyper-local, high-frequency, low-basket model. Its September 2024 listing was the largest Malaysian IPO in years and it entered the top 20 almost immediately.

What to watch: Store rollout is the growth engine, and rollout has a ceiling. Watch same-store sales growth rather than headline revenue — that separates genuine demand from simply opening more shops.

17. Telekom Malaysia Berhad

Code: 4863 (TM) | Sector: Telecommunications | Market cap: RM29.6 bil | Price: RM7.72

Malaysia’s incumbent fixed-line and broadband operator, owner of the Unifi brand and the national fibre backbone — plus the submarine cable and wholesale infrastructure that data centres depend on.

What to watch: TM has quietly become an infrastructure play as much as a consumer broadband one. Data centre and wholesale connectivity demand is the upside; retail broadband price competition is the drag.

18. IOI Corporation Berhad

Code: 1961 (IOICORP) | Sector: Plantation | Market cap: RM28.8 bil | Price: RM4.58

An integrated palm oil group spanning plantations, refining and oleochemicals, with associate stakes that extend its reach into downstream processing in Europe and Asia.

What to watch: The downstream and oleochemical operations smooth out some of the CPO price volatility that hits pure upstream planters. The stock is trading close to its all-time high.

19. Maxis Berhad

Code: 6012 (MAXIS) | Sector: Telecommunications | Market cap: RM27.7 bil | Price: RM3.54

Malaysia’s premium mobile operator, with the highest average revenue per user among the big three and a growing enterprise and fixed-broadband business.

What to watch: Maxis has long been a dividend name. In a three-player mobile market with limited subscriber growth, the payout is the return — so watch free cash flow cover rather than earnings headlines.

20. Gamuda Berhad

Code: 5398 (GAMUDA) | Sector: Construction & infrastructure | Market cap: RM25.3 bil | Price: RM4.25

Malaysia’s premier engineering and construction group — the tunnelling contractor behind the MRT lines — with a substantial and growing order book in Australia, Taiwan and, increasingly, data centre construction.

What to watch: Order book replenishment is the single metric that matters for any contractor. Gamuda has diversified offshore precisely to reduce dependence on Malaysian government project cycles, and that diversification is now the majority of the pipeline.

21. Kuala Lumpur Kepong Berhad (KLK)

Code: 2445 (KLK) | Sector: Plantation & oleochemicals | Market cap: RM24.1 bil | Price: RM21.60

A plantation group with an unusually large manufacturing arm, producing oleochemicals — the fatty acids and glycerine that end up in soaps, cosmetics and detergents — across Malaysia, Europe and China.

What to watch: The oleochemical division is a hedge against palm oil price weakness, since lower CPO means cheaper feedstock. That balance is why KLK often behaves differently from pure planters.

22. YTL Corporation Berhad

Code: 4677 (YTL) | Sector: Diversified conglomerate | Market cap: RM23.2 bil | Price: RM2.00

The parent holding company of the YTL group — cement, construction, property, hotels and a controlling stake in YTL Power. Note the Bursa code is 4677; older articles sometimes quote 1773, which is the group’s Tokyo-listed line, not the Malaysian one.

What to watch: YTL Corp trades at a discount to the value of its stake in YTL Power alone, which is the classic holding-company setup. If you want the data centre story, YTLPOWR is the direct exposure; YTL is the discounted, more diluted version.

23. Nestlé (Malaysia) Berhad

Code: 4707 (NESTLE) | Sector: Food & beverage | Market cap: RM21.9 bil | Price: RM93.44

Owner of Milo, Maggi, Nescafé and Kit Kat in Malaysia — brands with genuine household penetration. The past three years have been rough: consumer boycotts linked to Middle East geopolitics hit domestic sales hard, FY2024 revenue fell 11.7% to RM6.2 billion, and the shares touched a decade low of RM62.24 in March 2025.

What to watch: The recovery is real but early. Q1 2026 revenue rose 6.3% year on year to RM1.9 billion and net profit jumped 27.1% to RM205.1 million on cost control and exports. Still, at RM93.44 the stock sits well below its RM137.50 all-time high — this is a recovery story with the outcome not yet settled.

24. United Plantations Berhad

Code: 2089 (UTDPLT) | Sector: Plantation | Market cap: RM21.5 bil | Price: RM34.60

The most efficient plantation operator in Malaysia by most productivity measures — highest yields per hectare, lowest cost per tonne — and a company with an exceptional long-term dividend record. Danish-linked management and a famously conservative balance sheet.

What to watch: The shares are thinly traded relative to their size, so use limit orders. UTDPLT is the quality choice in Malaysian plantations, and it is priced accordingly near its all-time high.

The Biggest Company in Malaysia Isn’t on This List

Every ranking of “largest companies in Malaysia” based on market capitalisation has the same blind spot: Petronas.

Petroliam Nasional Berhad is wholly owned by the Government of Malaysia — a single shareholder, which means there are no shares to trade and no market capitalisation to rank. It is not listed on Bursa Malaysia. Yet for the financial year ended 31 December 2025 it recorded revenue of RM266.1 billion and profit after tax of RM45.4 billion, with total assets of RM775.0 billion. That is more revenue than every company on this list combined, and more than four times Maybank’s annual profit.

You can still get partial exposure. Three Petronas subsidiaries are listed and appear on or near this ranking: Petronas Chemicals (5183), Petronas Gas (6033) and Petronas Dagangan (5681, around RM19.3 billion). MISC (3816) is also Petronas-controlled. Between them they give you the chemicals, pipeline, fuel retail and shipping arms — but not the upstream oil and gas production, which stays with the parent.

The practical lesson: market capitalisation measures what public investors can buy, not what a country’s biggest businesses actually are. Several of Malaysia’s largest employers — Petronas, Khazanah’s unlisted portfolio companies, and privately held groups — never show up in rankings like this one.

What Changed Since the Last Edition

If you’re comparing against an older list, four things have shifted materially:

• Sime Darby Plantation is now SD Guthrie (May 2024). Same company, same stock code 5285, new name and SDG ticker. Old watchlists and screeners still carrying “SIMEPLT” will show stale data.
• Malaysia Airports (MAHB) is gone. Delisted from Bursa on 25 February 2025 after the Gateway Development Alliance consortium — Khazanah, EPF, Abu Dhabi Investment Authority and BlackRock’s Global Infrastructure Partners — took it private at RM11 per share, valuing it at RM18.4 billion. It had been listed since 1999. You can no longer buy it.
• 99 Speed Mart arrived. Its September 2024 IPO put a RM31 billion retailer straight into the top 20, one of the few genuinely new entrants to Malaysia’s large-cap universe in a decade.
• Public Bank absorbed LPI Capital. The 44.15% stake purchase completed in Q1 2025 for RM1.72 billion, adding general insurance to the group.

Read also: 10 Best Real Estate Investment Trusts (REITs) in Malaysia

How We Rank the Companies

Why market capitalisation is the ranking metric

Market capitalisation is share price multiplied by shares outstanding — what the market collectively thinks a company is worth today. It’s the standard ranking metric because it’s comparable across every sector: you can’t sensibly compare a bank’s revenue to a plantation’s, but you can compare their market caps.

Its weakness is that it reflects sentiment as much as substance. A company can be large because it is genuinely valuable, or because it is temporarily expensive. Market cap tells you what the market believes, not whether the market is right.

Why revenue and profit tell a different story

Rank the same universe by revenue and the order scrambles completely. Petronas Dagangan, a fuel retailer with thin margins, does far more revenue than Nestlé Malaysia but is worth less. Press Metal’s revenue is a fraction of the banks’ interest income, yet it’s the sixth most valuable company on Bursa.

Use market cap to size a company, revenue to gauge its commercial reach, and net profit plus return on equity to judge whether that reach converts into value for shareholders. Our guide to analysing a company’s financial position walks through how those figures fit together.

How this list differs from the FBM KLCI

The FTSE Bursa Malaysia KLCI holds 30 companies, but it weights them by free-float-adjusted market cap — the shares actually available to trade — and applies liquidity screens. A company where a founding family or the government holds 70% of the shares counts for far less in the index than its full market cap suggests. That’s why this list and the KLCI’s constituent weights don’t line up exactly. If index construction is new to you, our explainer on how stock market indexes work covers the mechanics.

How to Choose Which of These to Actually Buy

Being large is not an investment thesis. Six filters to apply before you commit capital:

1. Decide what job the holding does. Income, growth, or inflation hedge? Petronas Gas and Maxis are income. Gamuda and YTL Power are growth. Press Metal and the planters are commodity exposure. Buying all three types without deciding leaves you with an expensive index fund.
2. Check where in the cycle you’re buying. Petronas Chemicals at RM4.73 versus an all-time high of RM9.54 is a cyclical near its trough. SD Guthrie and IOI Corp near all-time highs are cyclicals near their peak. Cyclicals look cheapest on a P/E basis exactly when earnings are about to fall.
3. Understand the sector concentration you’re inheriting. Buy the four biggest names on this list and you own three banks and a utility. That’s not diversification, it’s a bet on Malaysian interest rates and domestic credit.
4. Look at dividend cover, not just yield. A high yield funded by borrowing or by drawing down reserves is a yield you will lose. Compare the payout against free cash flow.
5. Check liquidity before you size the position. United Plantations and Hong Leong Financial Group trade a fraction of the volume Maybank does despite similar market caps. Thin volume means wider spreads and slower exits — always use limit orders.
6. Ask what you’re not getting. Bursa gives you banks, power, palm oil and telcos. It does not give you meaningful technology exposure. Most Malaysian investors pair a domestic core with international holdings for that reason.

Common Mistakes With Large-Cap Malaysian Stocks

• Assuming “biggest” means “safest.” Nestlé Malaysia is a household-name blue chip and it still fell from RM137.50 to RM62.24. Size is not immunity.
• Using stale tickers. SIMEPLT is now SDG. DIGI is now CDB. MAHB no longer exists. Old screeners and forum posts are full of codes that no longer work.
• Confusing US ADRs with Bursa listings. MLYBY and TNABY are American depositary receipts for Maybank and Tenaga, quoted in US dollars on the US over-the-counter market. They are not the Bursa lines, they trade thinly, and they carry currency and custody differences.
• Buying the parent when you want the subsidiary. YTL Corp is not YTL Power. Genting Berhad is not Genting Malaysia. Sime Darby is not SD Guthrie. Check the code, not the brand.
• Chasing yield in a falling business. A dividend yield rises when the share price falls. Sometimes that’s opportunity; sometimes the market is pricing in a coming dividend cut.
• Ignoring the 2% dividend tax. From YA2025, Malaysian individual taxpayers pay 2% on annual dividend income above RM100,000. It doesn’t affect most retail portfolios, but it matters for larger income-focused ones.

How to Buy These Shares in Malaysia and Singapore

Every company on this list trades on Bursa Malaysia in ringgit, so no currency conversion is needed for Malaysian residents. You’ll need a trading account and a CDS (Central Depository System) account.

The broker landscape changed significantly in 2024, when moomoo, Webull and Interactive Brokers all began offering Bursa Malaysia equities alongside the eight established bank-backed brokers. Fees compressed sharply as a result. Our comparison of the best trading platforms in Malaysia breaks down the current pricing.

Budget for the full cost stack, not just brokerage:

Malaysia does not impose capital gains tax on listed shares for ordinary investors, though frequent trading can be assessed as business income under LHDN’s badges-of-trade tests. Singapore-based investors can access Bursa through Interactive Brokers, moomoo, Tiger Brokers and most local brokers with regional coverage — you’ll take on SGD/MYR currency risk, and Malaysia does not levy withholding tax on dividends to individuals under its single-tier system. For trading session times and settlement, see our guide to Bursa trading hours.

Where Malaysia’s Largest Companies Go From Here

Three forces will shape this list over the next few years.

Data centres are the dominant domestic theme. Johor’s build-out has turned power, land and construction into growth sectors. Tenaga supplies the grid, YTL Power is building AI capacity with Nvidia, TM provides connectivity, Gamuda builds the facilities, and the plantation groups own convertible land. Budget 2026 allocated RM5.9 billion to strengthening Malaysia’s AI sector. The risk is straightforward: this is a capital-intensive theme dependent on sustained global AI investment, and expectations are now embedded in several of these share prices.

Rates are the banks’ ceiling. With Bank Negara Malaysia holding the OPR at 2.75% and economists broadly expecting no change through end-2026, banks can’t rely on margin expansion. Earnings growth has to come from loan volume and cost discipline — which caps how far the sector’s 36% share of this list can carry the index.

Commodities remain the wild card. Palm oil prices set the trajectory for four companies here; aluminium sets it for Press Metal; petrochemical spreads set it for PCHEM. Nearly a fifth of the top 24 by value is exposed to prices set in global markets that Malaysian management cannot influence.

Prices, market capitalisations and rankings on this page were verified in July 2026 using exchange and market data. Figures move daily — confirm current prices with your broker or Bursa Malaysia before acting on anything here.

Frequently Asked Questions

Disclaimer: This KayaToday guide to the largest companies in Malaysia is for informational purposes only and is not financial advice. Market data was verified in July 2026 and changes constantly. KayaToday does not hold positions in the companies mentioned. Verify all figures independently and consult a licensed financial adviser before making investment decisions.