[%suFj%]
Research by Maybank
Hold – TP of MYR 1.98

“Several roadblocks to overcome” 

The pace of SEM’s sales mix transition into higher margin fresh food products may be inadequate to offset the negative effects from a deteriorating appeal towards existing products that are tied to current external geopolitical tensions. Hence, we lower our FY24E-FY26E earnings estimates by 9-11%. Rolling forward our valuation base year to FY25E, our TP is lowered to MYR1.97 (unchanged 28x FY25E PER, about -1SD to mean).

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

$KLSE-SEM
Research by Maybank
Hold – TP of MYR 1.98

“Several roadblocks to overcome” 

The pace of SEM’s sales mix transition into higher margin fresh food products may be inadequate to offset the negative effects from a deteriorating appeal towards existing products that are tied to current external geopolitical tensions. Hence, we lower our FY24E-FY26E earnings estimates by 9-11%. Rolling forward our valuation base year to FY25E, our TP is lowered to MYR1.97 (unchanged 28x FY25E PER, about -1SD to mean).

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

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