[%eCkh%] 
Research by Maybank
Hold – TP of MYR 2.00

“1Q24: Growing pains” 

SEM’s 1Q24 results undershot our expectations on higher-than-expected selling and distribution expenses. The group will continue to diversify into higher margin fresh food sales through its 7-Café stores whilst refreshing its product offering at its existing 7-Eleven convenience stores for better store footfall. We keep our earnings estimates, HOLD call, and TP of MYR2.00 (28x FY24E PER, -1SD to mean) pending SEM’s results briefing on 31st May.

Analyst(s):
Jade Tam
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$KLSE-SEM 
Research by Maybank
Hold – TP of MYR 2.00

“1Q24: Growing pains” 

SEM’s 1Q24 results undershot our expectations on higher-than-expected selling and distribution expenses. The group will continue to diversify into higher margin fresh food sales through its 7-Café stores whilst refreshing its product offering at its existing 7-Eleven convenience stores for better store footfall. We keep our earnings estimates, HOLD call, and TP of MYR2.00 (28x FY24E PER, -1SD to mean) pending SEM’s results briefing on 31st May.

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

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