Consumer Sector Likely Beneficiary From Cash Handouts Amidst Subsidy Cuts
Consumer Sector Likely Beneficiary From Cash Handouts Amidst Subsidy Cuts
Malaysia's consumer sector outlook highlights potential benefits from government cash handouts to lower-income households amidst subsidy removals, as CGS International Investment Bank reported today (July 11, Thursday).
CGS took an OVERWEIGHT stance on the consumer discretionary sector while maintaining NEUTRAL rating on the consumer staple sector.
7月11日（星期四），中國銀河國際投資銀行今日報告，隨着補貼的取消，馬來西亞消費板塊前景凸顯出向低收入家庭政府發放現金補貼的潛在益處。
中國銀河對消費類非必需品行業板塊採取超配的立場，同時維持對消費類必需品行業板塊的中立評級。
The consumer discretionary sector, particularly MrDIY and MYNews, stands to gain significantly from increased disposable incomes, driven by government cash handouts and salary hikes. CGS underscores these stocks as prime choices amidst expectations of robust revenue and profit growth in the coming years.
受到政府現金補貼和薪資增長的推動，消費類非必需品行業板塊，尤其是MrDIY和MYNews，將大幅受益。中國銀河強調這些股票是未來幾年強勁營業收入和利潤增長預期下的主板選擇。
CGS maintains an OVERWEIGHT rating on Malaysian consumer discretionary stocks, projecting substantial revenue growth of 8.3% yoy in CY24F, accelerating to 10.1% in CY25F. The anticipated boost in consumer spending is poised to drive core net profits by 11.2% and 23.3% yoy for the same periods, respectively, positioning stocks like MrDIY and MYNews favourably.
中國銀河維持對馬來西亞消費類非必需品股票的超配評級，預計CY24F營業收入將大幅增長8.3%，CY25F進一步提升至10.1%。預計的消費支出增長將使得同一時期的核心淨利潤增長分別爲11.2%和23.3%，如MrDIY和MYNews股票將會處於有利地位。
Meanwhile, CGS holds a NEUTRAL stance on consumer staples, cautioning on the high valuations of industry giants like Nestle and QL Resources. They advocate for a shift towards undervalued peers such as F&N, foreseeing potential upside in brewers amidst an improving disposable income environment.
與此同時，中國銀河對消費類必需品行業板塊保持中立態度，對雀巢和QL Resources等行業巨頭的高估值提出警告。他們主張轉向被低估同行，如F\u0026N，在不斷改善的可支配收入環境中，預見着釀酒商的潛力上漲。
Investors are advised to consider reallocating investments within the consumer sector to leverage the anticipated uptick in consumer spending. CGS International Investment Bank's outlook favours stocks poised to benefit from increased disposable incomes, marking a pivotal opportunity in Malaysia's evolving economic landscape.
建議投資者考慮重新配置消費行業內的投資，以利用預期的消費支出反彈。中國銀河國際投資銀行看好受益於可支配收入增加的股票，這標誌着馬來西亞不斷髮展的經濟格局裏的一個關鍵機會。