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Research by RHB
BUY – TP RM 29.60

"Stable Earnings In a Tough Market; Maintain BUY”

Heineken Malaysia’s 1H24 results met our expectations but outperformed Streets’. Demand stickiness, rising tourist arrivals, and price increases should sustain earnings momentum going forward, on top of the strengthening MYR and continued clampdown on illicit trade. Current valuation looks undemanding at -1.5SD over the 5-year mean considering the solid earnings delivery notwithstanding the subdued consumer sentiment, diminished regulatory risks with political stability, and generous dividend payout. 

Analyst:
Soong Wei Siang
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$KLSE-HEIM 
Research by RHB
BUY – TP RM 29.60

"Stable Earnings In a Tough Market; Maintain BUY”

Heineken Malaysia’s 1H24 results met our expectations but outperformed Streets’. Demand stickiness, rising tourist arrivals, and price increases should sustain earnings momentum going forward, on top of the strengthening MYR and continued clampdown on illicit trade. Current valuation looks undemanding at -1.5SD over the 5-year mean considering the solid earnings delivery notwithstanding the subdued consumer sentiment, diminished regulatory risks with political stability, and generous dividend payout. 

Analyst:
Soong Wei Siang
soong.wei.siang@rhbgroup.com