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

“Execution is key”

Consumer spending may remain soft in the near-term but SEM’s pivot towards higher margin fresh food products could partially buffer potential sales downside if store expansion plans and new fresh food SKUs are rolledout smoothly. With a rising operational cost environment, our FY24E-FY26E earnings estimates are lowered by 8%-10%, deriving a lower TP of MYR2.00 (-10sen, unchanged 28x FY24E PER or -1SD of mean).

Analyst(s):
Jade Tam 
[%Gofg%]

$KLSE-SEM 
Research by Maybank
Hold – TP of MYR2.00

“Execution is key”

Consumer spending may remain soft in the near-term but SEM’s pivot towards higher margin fresh food products could partially buffer potential sales downside if store expansion plans and new fresh food SKUs are rolledout smoothly. With a rising operational cost environment, our FY24E-FY26E earnings estimates are lowered by 8%-10%, deriving a lower TP of MYR2.00 (-10sen, unchanged 28x FY24E PER or -1SD of mean).

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

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