[%FLvu%] 
Research by CGS
ADD – TP RM28.85

"Good 1H24 with consumption boost ahead”

■ Heineken’s 2Q24 net profit of RM91m (+0.7% yoy) brought its 1H24 net profit to RM213.6m, representing 52/53% of our/Bloomberg cons FY24F estimates.
■ Generous cash handouts and higher tourist arrivals should spur demand in 2H24F and FY25F, lifting profits and driving a re-rating of Heineken’s shares.
■ Its FY25F P/E of 15.2x is well below its 18x mean (since 2009) with a healthy 6.2% FY24F dividend yield to boot. Maintain Add.

 Analyst:
Prem JEARAJASINGAM
[%UXsC%]

$KLSE-HEIM 
Research by CGS
ADD – TP RM28.85

"Good 1H24 with consumption boost ahead”

■ Heineken’s 2Q24 net profit of RM91m (+0.7% yoy) brought its 1H24 net profit to RM213.6m, representing 52/53% of our/Bloomberg cons FY24F estimates.
■ Generous cash handouts and higher tourist arrivals should spur demand in 2H24F and FY25F, lifting profits and driving a re-rating of Heineken’s shares.
■ Its FY25F P/E of 15.2x is well below its 18x mean (since 2009) with a healthy 6.2% FY24F dividend yield to boot. Maintain Add.

 Analyst:
Prem JEARAJASINGAM
prem.jearajasingam@cgsi.com