We maintain our NEUTRAL rating on Consumer sector as we think recovery in consumer spending could be patchy due to rising cost-of-living. While higher minimum wage, civil servant wage hike, introduction of EPF Account 3 and government cash transfer will increase disposable income, soft consumer sentiment could persist throughout 2025 due to rising cost-of-living. With elevated raw material prices and higher labour cost, we expect companies will start to pass on the cost to protect margins in 2025. We maintain the recommendations for Mr DIY (BUY), Spritzer (BUY), Padini (HOLD) and Power Root (HOLD), while downgraded Nestle (from Hold to UNDERWEIGHT). We also initiated a HOLD recommendation on 99 SpeedMart. Our top picks are Mr DIY (BUY, TP: RM2.10) and Spritzer (BUY, TP: RM3.54), as Mr DIY still has ample room for growth and is venturing into complementary brands to increase their total addressable market while Spritzer is expected to benefit from tourist-driven demand for mineral water.
Source: AmInvest Research - 13 Dec 2024
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PWROOTCreated by AmInvest | Dec 11, 2024