KUALA LUMPUR: While most sectors are expected to deliver flattish earnings in the second quarter of 2025 (2Q25), Maybank Investment Bank Bhd (Maybank IB) said it anticipates positive momentum in the construction, healthcare, property, oil and gas (O&G), and utilities sectors.

"Macro data released year-to-date suggests that domestic tailwinds, namely resilient consumer spending and sustained investment upcycle, are countering external headwinds.

"The 2Q25 results season has just begun, and we are expecting a more balanced quarter after an underwhelming first quarter (1Q25)," the investment bank said in a note today.

In the construction sector, Maybank IB noted that 1Q25 was seasonally slower due to the dual impact of the Chinese New Year and the fasting month of Ramadhan, both of which fell during the quarter.

"For 2Q25, we expect works and thus, progress billings to accelerate. This will lead to more revenue and profit recognised in 2Q25," it said.

The investment bank also expects a rebound in the healthcare and property sectors following a seasonally weaker performance in 1Q25.

As for O&G, Maybank IB said earnings for oil and gas services and equipment players in 2Q25 are likely to improve quarter-on-quarter, as the sector moves beyond the annual monsoon season, which typically affects the fourth and first quarters.