[%NbVX%] 
Research by Maybank 
HOLD – TP RM120.00
" Post-briefing update”

NESZ’s outlook has become challenging as earnings growth potential now depends heavily on its ability to lower operating costs as topline growth is being constrained by weak domestic spending. No change to our earnings estimates. Maintain HOLD with an unchanged DCF-TP of MYR120.00 (WACC: 6.3%, LT growth: 2.5%). In Consumer, we prefer MRDIY (MRDIY MK, BUY, CP: MYR2.05, TP: MYR2.45). 

Analyst:
Jade Tam
[%ePNp%]

$KLSE-NESTLE 
Research by Maybank 
HOLD – TP RM120.00
" Post-briefing update”

NESZ’s outlook has become challenging as earnings growth potential now depends heavily on its ability to lower operating costs as topline growth is being constrained by weak domestic spending. No change to our earnings estimates. Maintain HOLD with an unchanged DCF-TP of MYR120.00 (WACC: 6.3%, LT growth: 2.5%). In Consumer, we prefer MRDIY (MRDIY MK, BUY, CP: MYR2.05, TP: MYR2.45). 

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

$NESTLE / 4707 (NESTLE (MALAYSIA) BERHAD)