Report Price: US$ 1250 (Single User) Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019

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1 Report Price: US$ 1250 (Single User) Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019

2 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 Summary Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 report offers the reader detailed analysis of the defense budget over the next five years. Alongside it offers insights into the market opportunities and entry strategies adopted by foreign OEMs (original equipment manufacturers) to gain a market share in the Malaysian defense industry. The report provides detailed analysis of the current industry size and growth expectations during , including highlights of the key growth stimulators. It also benchmarks the industry against key global markets and provides detailed understanding of emerging opportunities in specific areas. Key Findings As the third largest economy in South East Asia, Malaysia is a newly industrialized market that has experienced a financial boom over the last decade. This rapid economic development also triggered a high level of investment by the government in the defense sector to ensure adequate protection and security for citizens and the critical infrastructure of the country. The Malaysian annual defense budget, valued at US$XX billion in 2014, is expected to grow at an estimated CAGR of XX% over the forecast period, to reach US$XX billion in This significant increase in defense expenditure can be attributed to the modernization of the armed forces and the procurement programs that are to be executed over the forecast period. Additionally, participation in a number of UN peacekeeping operations and a rising number of territorial disputes, are expected to fuel Malaysian defense expenditure. Per capita defense spending is expected to reach US$XX by 2019, from US$XX in Key Features and Benefits The report provides detailed analysis of the Malaysian defense industry during , including the factors that influence the military expenditure. It provides detailed expectations of growth rates and projected total expenditure. It provides the manufacturers with insights on market opportunities along with industry structure and dynamics prevalent in the country. In addition, the report focuses on the regulations governing the Malaysian defense industry and the potential market entry strategies with an expert analysis of the competitive structure. 2

3 Defense budget (US$ Billion) Defense expenditure growth rate (%) Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Market Attractiveness and Emerging Opportunities 1.1. Defense Market Size Historical and Forecast The Malaysian defense budget is expected to reach US$XX billion by 2019, at a CAGR of XX% In 2014, the Malaysian government allocated US$XX billion as its total defense budget, recording a CAGR of XX% during the review period. The country s defense budget is further expected to grow at an estimated CAGR of XX% over the forecast period, to reach US$XX billion in The consistent increase is driven primarily by the need to upgrade the existing arsenal of the armed forces. Consequently, the Malaysian MoD is expected to procure a significant amount of military equipment during the forecast period, including armored personnel carriers, maritime patrol aircraft, multi-purpose ships for the navy, multi-role aircraft, drones, Airborne Early Warning and Command (AEW&C) aircraft, corvettes, and amphibious ships. The following table and figure show the Malaysian defense expenditure during the review period: Table 1: Malaysian Defense Expenditure, Year Defense expenditure (US$ bn) Defense growth percentage CAGR Source: Ministry of Defense and SDI analysis Figure 1: Malaysian Defense Expenditure, % % 20% 15% 10% 5% 0% -5% % Defense Expenditure (US$ bn) Defense Growth Percentage Source: Ministry of Defense and SDI analysis 3

4 Defense budget (US$ Billion) Defense expenditure growth rate (%) Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 The following table and figure show projected defense expenditure of the Malaysian over the forecast period: Table 2: Malaysian Defense Expenditure, Year Defense expenditure (US$ bn) Defense growth percentage CAGR Source: Ministry of Defense and SDI analysis Figure 2: Malaysian Defense Expenditure, % % 6% 5% 4% 3% 2% 1% Defence Expenditure (US$ bn) Defense expenditure growth % 0% Source: Ministry of Defense and SDI analysis 4

5 Defense Budget Share (%) Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Analysis of Defense Budget Allocation Capital expenditure allocation is expected to increase over the forecast period The Malaysian MoD allocated an average of XX% of the total budget to capital expenditure during the review period, which is expected to increase marginally over the forecast period to reach XX%. This increase in capital expenditure is primarily due to a number of procurements and modernization programs formulated by the Malaysian Armed Forces. Malaysian revenue expenditure is also expected to record robust growth during the forecast period and is expected to account for an average of XX% of the country s total defense expenditure during the forecast period. This expenditure is expected to aid in the areas of personnel training, additional army personnel, capability enhancement, and improvements of the quality of life of military personnel. The following table and chart display Malaysian s defense budget share of capital, revenue and other expenditure during the review period: Table 3: Malaysian Defense Budget Split Between Capital and Revenue Expenditure (%), Year Capital Expenditure Share Revenue Expenditure Share Source: Ministry of Finance, Malaysia and SDI analysis Figure 3: Malaysian Defense Budget Split Between Capital and Revenue Expenditure (%), % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Capital Expenditure Revenue Expenditure Source: Ministry of Defense and SDI analysis 5

6 Defense Budget Share (%) Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 The following table and chart display Malaysian s defense budget share of capital, revenue and other expenditure over the forecast period: Table 4: Malaysian Defense Budget Split Between Capital and Revenue Expenditure (%), Year Capital Expenditure Share Revenue Expenditure Share Source: Ministry of Finance, Malaysia and SDI analysis Figure 4: Malaysian Defense Budget Split Between Capital, Revenue and Other Expenditure (%), % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Capital Expenditure Revenue Expenditure Source: Ministry of Defense and SDI analysis 6

7 Homeland Security Expenditure (US$ Bn) Growth rate (%) Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Homeland Security Market Size and Forecast Malaysian homeland security expenditure is expected to grow at a CAGR of XX% over the forecast period The Royal Malaysian Police (RMP) is responsible for internal security, and the homeland security expenditure is expected to grow at a CAGR of XX% over the forecast period, to reach US$XX billion in This growth in homeland security expenditure can be attributed to the growing terrorism threats in the country, racial tension between ethnic groups, political divisions, and increasing criminal activities. Consequently, the majority of investment opportunities are anticipated to be in surveillance technologies, ballistic identification systems, anti-riot equipment, and technology catering to border security. Overall, Malaysia is expected to spend a total of US$XX billion on homeland security during the forecast period. The table and chart below show Malaysian s homeland security expenditure during the review period: Table 5: Malaysian Homeland Security Expenditure (US$ billion), Year Homeland expenditure (US$ billion) % Growth Source: Ministry of Finance, Malaysia and SDI analysis Figure 5: Malaysian Homeland Security Expenditure (US$ billion), Homeland Security Defense Expenditure (US$ Bn) Growth Rate (%) 20% 15% 10% 5% 0% -5% Source: Ministry of Finance, Malaysia and SDI analysis 7

8 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Industry Dynamics - Porter s Five Forces Analysis Figure 4: Industry Dynamics Porter s Five Forces Analysis Barrier to Entry Bargaining Power of Supplier Intensity of Rivalry Bargaining Power of Buyer Threat of Substitute Source: SDI analysis 8

9 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 Report Methodology SDI s dedicated research and analysis teams consist of experienced professionals with a background in industry research and consulting in the defense sector. The following research methodology is followed for all databases and reports: Secondary Research The research process begins with exhaustive secondary research to source reliable qualitative and quantitative information related to the defense market. The secondary research sources that are typically referred to include, but are not limited to: Industry associations National government documents and statistical databases Company websites, annual reports, financial reports, broker reports, investor presentations Industry trade journals and other literature Internal and external proprietary databases News articles, press releases, and webcasts specific to the companies operating in the market Primary Research SDI conducts hundreds of primary interviews a year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions: Provides first-hand information on market size, market trends, growth trends, competitive landscape, and future outlook Helps to validate and strengthen secondary research findings Further develops the analysis team s expertise and market understanding Primary research involves interactions, telephone interviews, and face-to-face interviews for each market category, division, and sub-division across geographies The participants who typically take part in such a process include, but are not limited to: Conventions Industry participants: CEOs, VPs, business development managers, market intelligence managers, and national sales managers External experts: investment bankers, valuation experts, research analysts, and key opinion leaders specializing in defense markets Currency conversions are performed on the basis of average annual conversion rate format calculations All the values in tables, with the exception of compounded annual growth rate (CAGR) and compounded annual rate of change (CARC), are displayed to one decimal place; therefore, due to this rounding method, growth rates may appear inconsistent with absolute values The forecasted values are projected on the basis of nominal values; the inflation was not taken into account 9

10 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 TABLE OF CONTENTS 1. Introduction What is this Report About? Definitions Summary Methodology SDI Terrorism Index About Strategic Defence Intelligence ( Executive Summary Market Attractiveness and Emerging Opportunities Defense Market Size Historical and Forecast The Malaysian defense budget is expected to reach US$XX billion by 2019, at a CAGR of XX% Modernization of the armed forces, participation in UN peacekeeping operations, and territorial disputes are the major drivers of the Malaysian defense industry Defense budget as a percentage of GDP will remain at an average of XX% over the forecast period Analysis of Defense Budget Allocation Capital expenditure allocation is expected to increase over the forecast period The Malaysian MoD is to increase capital expenditure at a CAGR of XX% over the forecast period Revenue expenditure set to increase over the forecast period Per capita defense expenditure expected to increase during the forecast period Homeland Security Market Size and Forecast Malaysian homeland security expenditure is expected to grow at a CAGR of XX% over the forecast period The homeland security expenditure in Malaysia is mainly driven by border security and rising criminal activities Malaysia is at a some risk of terrorism Malaysia has a terrorism index score of Benchmarking with Key Global Markets Malaysian defense expenditure is expected to increase over the forecast period Malaysian defense expenditure is relatively smaller than other Asian countries The Malaysian defense budget as a percentage of GDP is expected to decline over the forecast period Iraq, Pakistan, and Afghanistan are the most terror-prone countries Market Opportunities: Key Trends and Growth Stimulators Multi-Role Aircraft Corvettes Armored Personnel Carrier (APC)

11 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Cyber Defense Defense Procurement Market Dynamics Import Market Dynamics Malaysian defense imports are expected to increase over the forecast period Germany, Russia, and France to remain the key arms suppliers to Malaysia Ships, aircraft, and missiles are the key imports for Malaysia Export Market Dynamics No defense exports for Malaysia Industry Dynamics Five Forces Analysis Bargaining power of supplier: low Bargaining power of buyer: high Barrier to entry: medium Intensity of rivalry: medium to high Threat of substitution: high Market Entry Strategy Market Regulation The Malaysian defense industry is largely driven by the government s offset policy Market Entry Route Entry through technology transfer program Entry through partnerships with domestic defense companies Defense exhibitions can be used as a direct entry route into the Malaysian defense industry Key Challenges Negligible defense exports pose a challenge for domestic defense companies Limited defense budget discourages investors from market entry Corruption and a lack of transparency impede the growth of Malaysia s defense industry Malaysia s new economic policy (NEP) limits the entry of foreign investors Competitive Landscape and Strategic Insights Competitive Landscape Overview Key Foreign Companies AgustaWestland Malaysia Sdn Bhd: Overview Agusta Westland Malaysia Sdn Bhd: Products and services Agusta Westland Malaysia Sdn Bhd: Recent announcements and strategic initiatives Agusta Westland Malaysia Sdn Bhd: alliances Agusta Westland Malaysia Sdn Bhd: recent contract wins Sukhoi: Overview Sukhoi: Products and services

12 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Sukhoi: recent contract wins Denel Land Systems: Overview Denel Land Systems: Products and services Denel Land Systems: recent contract wins Key Public Sector Companies SME Ordnance Sdn Bhd: overview SME Ordnance Sdn Bhd: products and services SME Ordnance Sdn Bhd: Recent announcements and strategic initiatives SME Ordnance Sdn Bhd: Alliances SME Ordnance Sdn Bhd: recent contract wins SME Aerospace Sdn Bhd: Overview SME Aerospace Sdn Bhd: Products and services SME Aerospace Sdn Bhd: Recent announcements and strategic initiatives SME Aerospace Sdn Bhd: Recent contract wins AIROD Sdn Bhd: Overview AIROD Sdn Bhd: Products and services AIROD Sdn Bhd: Recent announcements and strategic initiatives AIROD Sdn Bhd: Alliances AIROD Sdn Bhd: Recent contract wins Key Private Sector Companies Boustead Naval Shipyard: Overview Boustead Naval Shipyard: Products and services Boustead Naval Shipyard: Recent contract wins Sapura Thales Electronics Sdn Bhd: Overview Sapura Thales Electronics Sdn Bhd: Products and services Sapura Thales Electronics Sdn Bhd: Recent announcements and strategic initiatives Sapura Thales Electronics Sdn Bhd: Alliances Sapura Thales Electronics Sdn Bhd: Recent contract wins DRB Hicom Defence Technologies Sdn Bhd: Overview DRB Hicom Defence Technologies Sdn Bhd: Products and services DRB Hicom Defence Technologies Sdn Bhd: Recent announcements and strategic initiatives DRB Hicom Defence Technologies Sdn Bhd: Alliances DRB Hicom Defence Technologies Sdn Bhd: Recent contract wins Labuan Shipyard & Engineering Sdn Bhd: overview Labuan Shipyard & Engineering Sdn Bhd: products and services Labuan Shipyard & Engineering Sdn Bhd: recent announcements and strategic initiatives Labuan Shipyard & Engineering Sdn Bhd: alliances Labuan Shipyard & Engineering Sdn Bhd: recent contract wins

13 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to D Aquarian Sdn Bhd: Overview D Aquarian Sdn Bhd: Products and services D Aquarian Sdn Bhd: Recent contract wins Business Environment and Country Risk Demographics Total Rural population Total urban population Number of households Economic Performance GDP per capita at constant prices GDP at current prices (US$) Exports of goods and services (current US$ billion) Imports of goods and services (current US$ billion) Gross national disposable income (US$ billion) Manufacturing Output (US$ Billion) Consumer price index Wholesale price index LCU per EUR (period average) LCU per US$ (period average) Lending Rate (%) Deposit rate (%) Real interest rate (%) Market capitalization of listed companies (US$ billion) Market capitalization of listed companies (% of GDP) Total Government cash surplus/deficit (LCU billion) Government cash surplus/deficit as a percentage of GDP (LCU) Central government debt (LCU billion) Central government debt as a percentage of GDP (LCU) Goods exports as a percentage of GDP Goods imports as a percentage of GDP Goods balance as a percentage of GDP Services imports as a percentage of GDP Service exports as a percentage of GDP Services balance as a percentage of GDP Foreign direct investment, net (BoP, current US$ billion) Net foreign direct investment as a percentage of GDP International reserves, including gold (US$ billion) Energy and utilities

14 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to Total Conventional Thermal Electricity Net Generation (Billion kwh) Hydroelectricity Net Generation (Billion kwh) Total Conventional Thermal Electricity Installed Capacity (Million kw) Proved Reserves of Natural Gas (Trillion Cubic Feet) Total Petroleum Consumption (Thousand Barrels Per Day) Crude Oil Proved Reserves (Billion Barrels) Infrastructure Quality and Availability Rail lines (total route-km) Air transport, freight (million ton-km) Overall construction (US$ million) Technology Mining, Manufacturing, Utilities Output (USD Bn) Patents Granted Telecommunication Telephone lines (in mn) Telephone lines Penetration Rate (per 100 people) Appendix About SDI Disclaimer

15 15 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 LIST OF FIGURES Figure 1: Malaysian Defense Expenditure (US$ Billion), Figure 2: Malaysian Defense Expenditure (US$ Billion), Figure 3: Malaysian Defense Expenditure (in MYR Billion), Figure 4: Malaysian Defense Expenditure (in MYR Billion), Figure 5: Malaysian GDP Growth vs. Defense Expenditure and Growth vs. Defense Expenditure as Percentage of GDP, Figure 6: Malaysian GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP, Figure 7:Malaysian Defense Budget Split Between Capital and Revenue Expenditure (%), Figure 8: Malaysian Defense Budget Split Between Capital and Revenue Expenditure (%), Figure 9: Malaysian Defense Capital Expenditure (US$ billion), Figure 10: Malaysian Defense Capital Expenditure (US$ billion), Figure 11: Malaysian Capital Expenditure (in MYR Billion), Figure 12: Malaysian Capital Expenditure (in MYR Billion), Figure 13: Malaysian Defense Revenue Expenditure (US$ billion), Figure 14: Malaysian Defense Revenue Expenditure (US$ billion), Figure 15: Malaysian Revenue Expenditure (in MYR Billion), Figure 16: Malaysian Revenue Expenditure (in MYR Billion), Figure 17: Malaysian Per Capita Defense Expenditure (US$), Figure 18: Malaysian Per Capita Defense Expenditure (US$), Figure 19: Malaysian Homeland Security Expenditure (US$ billion), Figure 20: Malaysian Homeland Security Expenditure (US$ billion), Figure 21: Malaysian Homeland Security Budget (MYR Billion), Figure 22: Malaysian Homeland Security Budget (MYR Billion), Figure 23: SDI Terrorism Heat Map, Figure 24: SDI Terrorism Index, Figure 25: Benchmarking with Key Markets vs Figure 26: Defense Expenditure of the World s Largest Military Spenders (US$ Billion), 2014 and Figure 27: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), Figure 28: Multi-role Aircraft Market Size (US$ Million), Figure 29: Corvettes Market Size (US$ Million), Figure 30: Armored Personnel Carrier Market Size (US$ Million), Figure 31: Cyber Defense Market Size (US$ Million), Figure 32: Malaysian Defense Import Trend, (TIV values) Figure 33: Malaysian Defense Import by Country, (TIV values) Figure 34: Malaysia Defense Imports by Category (%), Figure 35: Industry Dynamics Porter s Five Forces Analysis Figure 36: Malaysia Rural population (In million), Figure 37: Malaysia Urban population (In million), Figure 38: Malaysia - Number of Households (Million), Figure 39: Malaysian GDP Per Capita at Constant Prices (US$), Figure 40: Malaysia - GDP at Current Prices (US$ Billion), Figure 41: Malaysian Exports of goods and services (US$ Billion), Figure 42: Malaysian Imports of goods and services (US$ Billion), Figure 43: Malaysian Gross national disposable income (US$ billion), Figure 44: Malaysian Manufacturing Output (US$ Billion), Figure 45: Malaysian Consumer price index, Figure 46: Malaysian Wholesale price index, Figure 47: Malaysia LCU per EUR (period average), Figure 48: Malaysia LCU per US$, Figure 49: Malaysian Lending Rate (%), Figure 50: Malaysian Deposit rate (%), Figure 51: Malaysian Real interest rate (%), Figure 52: Malaysian market capitalization of listed companies (US$ billion), Figure 53: Malaysian market capitalization of listed companies (% of GDP), Figure 54: Malaysian Total Government cash surplus/deficit (LCU billion), Figure 55: Malaysian Government cash surplus/deficit as % of GDP (LCU), Figure 56: Malaysian - Central government debt (LCU billion),

16 16 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 Figure 57: Malaysian Central government debt as % of GDP (LCU), Figure 58: Malaysia - Goods exports as a % of GDP (%), Figure 59: Malaysia - Goods imports as a % of GDP (%), Figure 60: Malaysian Goods balance as a % of GDP (%), Figure 61: Malaysian Services imports as a % of GDP (%), Figure 62: Malaysia Service exports as a % of GDP (%), Figure 63: Malaysia - Services balance as a % of GDP (%), Figure 64: Malaysia - Foreign direct investment, net (BoP, current US$ billion), Figure 65: Malaysian Net foreign direct investment as % of GDP, Figure 66: Malaysian International reserves, including gold (US$ billion), Figure 67: Malaysia - Total Conventional Thermal Electricity Net Generation (Billion Kilowatt hours), Figure 68: Malaysian Hydroelectricity Net Generation (Billion Kilowatt hours), Figure 69: Malaysian Total Conventional Thermal Electricity Installed Capacity (Million Kilowatts), Figure 70: Malaysian Proved Reserves of Natural Gas (Trillion Cubic Feet), Figure 71: Malaysian Total Petroleum Consumption (Thousand Barrels Per Day), Figure 72: Crude Oil Proved Reserves (Billion Barrels), Figure 73: Malaysian Rail lines (total route-km), Figure 74: Malaysian Air transport, freight (million ton-km), Figure 75: Malaysia - Overall construction (US$ million), Figure 76: Malaysian Mining, Manufacturing, Utilities Output (USD Bn), Figure 77: Malaysian Patents Granted, Figure 78: Malaysian Telephone lines, Figure 79: Malaysian Telephone lines Penetration Rate (per 100 people),

17 17 Future of the Malaysian Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 LIST OF TABLES Table 1: Malaysian Defense Expenditure (US$ Billion), Table 2: Malaysian Defense Expenditure (US$ Billion), Table 3: Malaysian Defense Expenditure (in MYR Billion), Table 4: Malaysian Defense Expenditure (in MYR Billion), Table 5: Malaysian GDP Growth vs. Defense Expenditure and Growth vs. Defense Expenditure as Percentage of GDP, Table 6: Malaysian GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP, Table 7: Malaysian Defense Budget Split Between Capital and Revenue Expenditure (%), Table 8: Malaysian Defense Budget Split Between Capital and Revenue Expenditure (%), Table 9: Malaysian Defense Capital Expenditure (US$ billion), Table 10: Malaysian Defense Capital Expenditure (US$ billion), Table 11: Malaysian Capital Expenditure (in MYR Billion), Table 12: Malaysian Capital Expenditure (in MYR Billion), Table 13: Malaysian Defense Revenue Budget Allocation (US$ billion), Table 14: Malaysian Defense Revenue Expenditure (US$ billion), Table 15: Malaysian Revenue Expenditure (in MYR Billion), Table 16: Malaysian Revenue Expenditure (in MYR Billion), Table 17: Malaysian Per Capita Defense Expenditure (US$), Table 18: Malaysian Per Capita Defense Expenditure (US$), Table 19: Malaysian Homeland Security Expenditure (US$ billion), Table 20: Malaysian Homeland Security Expenditure (US$ billion), Table 21: Malaysian Homeland Security Budget (MYR Billion), Table 22: Malaysian Homeland Security Budget (MYR Billion), Table 23: Benchmarking with Key Markets vs Table 24: SDI Terrorism Index Table 25: Malaysian Defense Offset Regulations Table 26: Market Entry by Key Foreign Companies Table 27: Malaysian Defense Industry Capability Table 28: Agusta Westland Malaysia Sdn Bhd Product Focus Table 29: Agusta Westland Malaysia Sdn Bhd Alliances Table 30: Agusta Westland Malaysia Sdn Bhd Recent Contract Wins Table 31: Sukhoi Product Focus Table 32: Sukhoi Recent Contract Wins Table 33: Denel Land Systems Product Focus Table 34: Denel Land Systems Recent Contract Wins Table 35: SME Ordnance Sdn Bhd Product Focus Table 36: SME Ordnance Sdn Bhd Alliances Table 37: SME Ordnance Sdn Bhd Recent Contract Wins Table 38: SME Aerospace Sdn Bhd Product Focus Table 39: SME Aerospace Sdn Bhd Recent Contract Wins Table 40: AIROD Sdn Bhd Product Focus Table 41: AIROD Sdn Bhd Alliances Table 42: AIROD Sdn Bhd Recent Contract Wins Table 43: Boustead Naval Shipyard Product Focus Table 44: Boustead Naval Shipyard Recent Contract Wins Table 45: Sapura Thales Electronics Sdn Bhd Product Focus Table 46: Sapura Thales Electronics Sdn Bhd Alliances Table 47: Sapura Thales Electronics Sdn Bhd Recent Contract Wins Table 48: DRB Hicom Defence Technologies Sdn Bhd Product Focus Table 49: DRB Hicom Defence Technologies Sdn Bhd Alliances Table 50: DRB Hicom Defence Technologies Sdn Bhd Recent Contract Wins Table 51: Labuan Shipyard & Engineering Sdn Bhd Product Focus Table 52: Labuan Shipyard & Engineering Sdn Bhd Alliances Table 53: Labuan Shipyard & Engineering Sdn Bhd Recent Contract Wins Table 54: D Aquarian Sdn Bhd Product Focus Table 55: D Aquarian Sdn Bhd Recent Contract Wins... 91