$NESTLE / 4707 (NESTLE (MALAYSIA) BERHAD)
Research by TA
Hold – TP RM124.22

“Headwinds Persist in 2HFY24"

We left Nestlé (Malaysia) Bhd’s virtual analyst briefing with the following key takeaways:

1. Weaker Turnover in 2QFY24
2. 1H Gross Profit Remains Solid Despite Weaker Topline
3. Emphasising the Sustainability of the Group

Maintained HOLD with a lower target price of RM124.22/share (from RM136.9/share) based on DDM valuation (k: 6.4%; g: 3.0%).

Analyst:
Liew Yi Jiet
yjliew@ta.com.my