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Research by CGS
Hold - TP RM1.98

"In line 1H24 from robust consumer demand"

■ 7-Eleven’s 2Q24 net profit of RM21m (+6.3% yoy) brought its 1H24 net profit to RM33m, 50%/46% of our FY24F estimate/Bloomberg consensus.
■ Generous cash handouts and higher tourist arrivals should spur demand in 2H24F and FY25F. 1H24 7-Café store rollouts tracking well within target.
■ At 32.7x CY24F P/E, the company’s valuations are on the high side, which should limit share price upside, in our view.

Analysts:
LEW Cheng Wei
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Prem JEARAJASINGAM
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$KLSE-SEM
Research by CGS
Hold - TP RM1.98

"In line 1H24 from robust consumer demand"

■ 7-Eleven’s 2Q24 net profit of RM21m (+6.3% yoy) brought its 1H24 net profit to RM33m, 50%/46% of our FY24F estimate/Bloomberg consensus.
■ Generous cash handouts and higher tourist arrivals should spur demand in 2H24F and FY25F. 1H24 7-Café store rollouts tracking well within target.
■ At 32.7x CY24F P/E, the company’s valuations are on the high side, which should limit share price upside, in our view.

Analysts:
LEW Cheng Wei
chengwei.lew@cgsi.com
Prem JEARAJASINGAM
prem.jearajasingam@cgsi.com

$SEM / 5250 (7-ELEVEN MALAYSIA HOLDINGS BERHAD)