I'm currently practicing my drawing skills in hopes of getting into the animation. Once I get my foundation down, I might move on to storyboarding & concept art.

Just wanna know, what do most animation & game studios in Malaysia generally look for in a portfolio?

And what should I prepare in the portfolio?

Good drawing skill / artistic aesthetic is a plus (but not really a requirement). It generally depends on what you want to show off.

Great modeling skill, great animations, great art skills, etcs.
So focus on one that you excell at. Seen a great portfolio reel for animation with just simple stick n block figure before. XD

Good animation and character turn around
Dynamic drawing style too