Corporate Migration Trend: From Singapore to Malaysia
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 11 2026
0mins
Source: CNBC
- Accelerated Corporate Migration: Since early 2026, a visible wave of companies, including H&M and Heineken, has been relocating operations from Singapore to Malaysia, driven by a combination of cost pressures and policy signals, affecting hundreds of jobs.
- Cost Arbitrage Opportunities: Alwyn Lim, an associate professor at Singapore Management University, notes that firms are seeking significant cost arbitrage on rents, wages, and operations, particularly in response to the COVID-19 pandemic and geopolitical tensions, prompting a reorientation of manufacturing and supply chain networks.
- Regional Diversification Strategy: While many companies are shifting some operations to Malaysia, they continue to maintain regional headquarters and innovation centers in Singapore, indicating a complementary use of both markets to enhance operational resilience and sustainability.
- Impact of Economic Zone: The upcoming Johor-Singapore Special Economic Zone (JS-SEZ) is expected to facilitate investments across 11 sectors, attracting more companies to leverage Malaysia's market potential, while potentially leading some firms to fully exit Singapore for larger market opportunities.
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Analyst Views on MAN
Wall Street analysts forecast MAN stock price to rise
7 Analyst Rating
1 Buy
5 Hold
1 Sell
Hold
Current: 34.290
Low
27.00
Averages
38.80
High
44.00
Current: 34.290
Low
27.00
Averages
38.80
High
44.00
About MAN
ManpowerGroup Inc. is a global workforce solutions company. The Company offers a range of workforce solutions and services, which include recruitment and assessment; upskilling, reskilling, training and development; career management; outsourcing, and workforce consulting. Its portfolio of recruitment services includes permanent, temporary and contract recruitment of professionals, as well as administrative, industrial and information technology (IT) professional positions. These services are provided under its Manpower and Experis brands. Its Talent Solutions brand specializes in the delivery of customized workforce strategies and new solutions. The Talent Solutions brand, which includes recruitment process outsourcing (RPO), and TAPFIN - Managed Service Provider (MSP). The MSP services include overall program management, reporting and tracking, supplier selection and management and order distribution.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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