[%ZTTI%] 
Research by Maybank
Hold – TP of MYR2.00

“Disposal of Caring Pharmacy has completed”

We believe that SEM’s efforts to diversify into a higher margin fresh food offering in its stores will start to ramp up in FY24 given added capacity from its newly completed food commissary. Store expansion plans will also focus on its 7-Café brand going forward. Our earnings estimates, HOLD call and TP of MYR2.10 (28x FY24E PER, about -1SD to mean) are maintained pending SEM’s results briefing.

Analyst(s):
Jade Tam 
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$KLSE-SEM 
Research by Maybank
Hold – TP of MYR2.00

“Disposal of Caring Pharmacy has completed”

We believe that SEM’s efforts to diversify into a higher margin fresh food offering in its stores will start to ramp up in FY24 given added capacity from its newly completed food commissary. Store expansion plans will also focus on its 7-Café brand going forward. Our earnings estimates, HOLD call and TP of MYR2.10 (28x FY24E PER, about -1SD to mean) are maintained pending SEM’s results briefing.

Analyst(s):
Jade Tam 
jade.tam@maybank-ib.com

$SEM / 5250 (7-ELEVEN MALAYSIA HOLDINGS BERHAD)