99 SPEEDMART (BUY, FV: RM2.90): Steady Outlook Despite Uncertainty

Analysts have maintained a BUY recommendation on 99 Speedmart, raising the target price (TP) to RM2.90 from stronger earnings prospects and resilient outlook. The TP is based on a price-to-earnings (PE) multiple of 35x for FY26F, reflecting a scarcity premium as a defensive consumer staple. Analysts also revised earnings forecasts upwards by 4.2%, 6.0%, and 6.2% for FY25F, FY26F, and FY27F respectively, citing strong same-store sales growth (SSSG) of 3.7% in 1HFY25, extended operating hours, and government relief measures that are expected to boost consumer spending.

99 Speedmart

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