[%kdSM%] 
Research by TA
BUY – TP RM28.02

" A Resilient 2QFY24”

Heineken Malaysia Berhad’s (Heineken) 2QFY24 core earnings of RM91.1mn (+0.7% YoY) came in within expectations. Although revenue remained flat (-0.7% YoY), the improvement in earnings was largely attributed to effective cost management, as operating expenses decreased by 1.4% YoY to RM444.1mn. The slight dip in sales was due to weakerconsumer sentiment

Analyst:
Liew Yi Jiet 
[%rJRZ%]

$KLSE-HEIM 
Research by TA
BUY – TP RM28.02

" A Resilient 2QFY24”

Heineken Malaysia Berhad’s (Heineken) 2QFY24 core earnings of RM91.1mn (+0.7% YoY) came in within expectations. Although revenue remained flat (-0.7% YoY), the improvement in earnings was largely attributed to effective cost management, as operating expenses decreased by 1.4% YoY to RM444.1mn. The slight dip in sales was due to weakerconsumer sentiment

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