Malaysia Consumer: Tracker V10: Slight food inflation insufficient to materially impact consumption in our view

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Malaysia Consumer: Tracker V10: Slight food inflation insufficient to materially impact consumption in our view

Malaysia Consumer

01 July 2026 Citi Research

Coverage investment thesis in a nutshell:

Top pick - 99Speedmart (Buy, TP: RM4.00). 99SM are the least impacted

consumer stock under our coverage from higher oil prices, as the group access

subsidized diesel prices for their logistics fleet. Earnings continue to be driven by

outlet expansion, which is going as planned. +19% EPS growth in FY26E is the

highest amongst our coverage. Potential upside catalyst: Government announces

another round of SARA cash handouts later this year.

Heineken Malaysia (Buy, TP: RM28.80): We believe Heineken relocating brewing

operations from Singapore to Malaysia and Vietnam could between RM100-130m

(equivalent to 15-20%) to EBIT. HEIM are currently trading at ~2SD below historical

avg. and offering ~8% dividend yield. Read our recent update here.

Carlsberg (Buy, TP: RM 25.20): Carlsberg have recently introduced a new beer to

the market. At just 3.8% ABV, Chong Qing beer will be the lowest ABV beer on the

market. To start, Chong Qing beer is available at all 99Speedmart outlets

nationwide. Our channel checks (fig. 8) indicate Chong Qing beer is the cheapest

available beer for sale, offering customers value for money. We are positive on this

product, as we believe the brand could help Carlsberg grow market share in the

VFM segment, where they existing brand Skol lags behind Heineken’s Anchor –

according to Euromonitor, Anchor sales volumes is approximately 5x of Skol.

MRDIY (Buy, TP: RM2.10) MRDIY continue to benefit from stronger MYR, which has

seen GP margin continue to widen given the group import ~75% of inventory from

overseas (GP margin – FY24: 45.8%, FY25: 47.5%, 1Q26: 48.6%).