[%DHBS%] 
Research by HLIB
BUY – TP RM30.71

"Decent performance”

Heineken reported 6MFY24 core net profit of RM213.6m (+6.6% YoY), which met our/consensus expectation, accounting for 53% of full year forecasts. Notably, Heineken recorded low single-digit growth in beer sales volume YTD, which is in line with our narrative of a recovery in sales volume. Going into 2H24, we expect this trend to continue, supported by a gradual improvement in labor market conditions and a continued influx of tourist arrivals. The appreciation of the ringgit against the USD should also help alleviate Heineken’s cost pressures. Maintain BUY rating with an unchanged TP of RM30.71, based on a PE multiplier of 23.0x applied to its FY24F EPS of 133.5 sen.  

Analyst:
Sam Jun Kit
[%vEhD%]

$KLSE-HEIM 
Research by HLIB
BUY – TP RM30.71

"Decent performance”

Heineken reported 6MFY24 core net profit of RM213.6m (+6.6% YoY), which met our/consensus expectation, accounting for 53% of full year forecasts. Notably, Heineken recorded low single-digit growth in beer sales volume YTD, which is in line with our narrative of a recovery in sales volume. Going into 2H24, we expect this trend to continue, supported by a gradual improvement in labor market conditions and a continued influx of tourist arrivals. The appreciation of the ringgit against the USD should also help alleviate Heineken’s cost pressures. Maintain BUY rating with an unchanged TP of RM30.71, based on a PE multiplier of 23.0x applied to its FY24F EPS of 133.5 sen.  

Analyst:
Sam Jun Kit
jksam@hlib.hongleong.com.my