Demand for steel slowed in May to 6.7% year-on-year, after an 11% rise in April, according to GK Dragonomics in Beijing.

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"The fact that the group is diversifying away from Malaysia into growth countries is viewed positively, " notes Steven Tan, an analyst with CIMB-GK Research.

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"He's got so many roles to play, " says CIMB-GK's Tan.

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Arthur Kroeber of GK Dragonomics, a consultancy, says the country still enjoys a considerable tailwind from urbanisation and a huge potential for productivity gains as it adopts new technology.

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"Construction starts may have been up last year, but I expect that to fall around 10% this year because of the central government's lowered target for public-housing starts and diminished investment from private-property developers, " said Johnson Hu, a CIMB-GK Securities analyst.

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