[%tgNa%]
Research by CGS
Hold (no change) – TP of MYR1.98

“Mid-term growth prospects priced in”

■ We reiterate Hold on 7-Eleven, with a lower GGM-derived TP of RM1.98, post FY23 results and disposal of Caring Pharmacy. 
■ Conversions of stores to 7-Cafés and completion of Fresh Food Commissary should complement improved economic activity and tourist boost in footfall. 
■ At 32.4x CY24F P/E, the company’s valuations are on the high side, in our view. This note marks the transfer of coverage to Lew Cheng Wei. 

Analyst(s):
LEW Cheng Wei 
[%qbEV%]

$KLSE-SEM
Research by CGS
Hold (no change) – TP of MYR1.98

“Mid-term growth prospects priced in”

■ We reiterate Hold on 7-Eleven, with a lower GGM-derived TP of RM1.98, post FY23 results and disposal of Caring Pharmacy. 
■ Conversions of stores to 7-Cafés and completion of Fresh Food Commissary should complement improved economic activity and tourist boost in footfall. 
■ At 32.4x CY24F P/E, the company’s valuations are on the high side, in our view. This note marks the transfer of coverage to Lew Cheng Wei. 

Analyst(s):
LEW Cheng Wei 
prem.jearajasingam@cgsi.com

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