Company Coverage
Heineken Malaysia (HEIM MK): 3Q26: Soft As Expected, Potentially Turning The Corner
BUY (Maintained)
Current price:
Target price:
Upside:
RM13.32
RM21.80
67.4%
Analyst
Highlights
- Heineken’s 9M26 results broadly met expectations. Despite earnings remaining soft, sales are expected to pick up going into the year-end.
- Positively, a majority of the inventory adjustment was resolved in 3Q26, signalling that sales volume may see a recovery in the coming quarter.
- Maintain BUY with an unchanged target price of RM21.80. Current prices post-selldown offer an attractive entry point with Heineken trading at a single-digit PE based on 2027F.

Analysis
- Broadly in line. Heineken Malaysia (Heineken) reported a core net profit of RM225.3m (-29.5% yoy) with revenue of RM1.6b (-16.4% yoy) in 9M26. We arrive at this after stripping out RM1.1m in provisions for inventory write-offs. While this only accounts for 65% of our and 67% of consensus full-year forecasts, we deem this within expectations as sales volume is expected to pick up in 4Q26 ahead of the festive season.

Highlights
- Heineken’s 9M26 results broadly met expectations. Despite earnings remaining soft, sales are expected to pick up going into the year-end.
- Positively, a majority of the inventory adjustment was resolved in 3Q26, signalling that sales volume may see a recovery in the coming quarter.
- Maintain BUY with an unchanged target price of RM21.80. Current prices post-selldown offer an attractive entry point with Heineken trading at a single-digit PE based on 2027F.

Analysis
- Broadly in line. Heineken Malaysia (Heineken) reported a core net profit of RM225.3m (-29.5% yoy) with revenue of RM1.6b (-16.4% yoy) in 9M26. We arrive at this after stripping out RM1.1m in provisions for inventory write-offs. While this only accounts for 65% of our and 67% of consensus full-year forecasts, we deem this within expectations as sales volume is expected to pick up in 4Q26 ahead of the festive season.

BUY (Maintained)
Current price:
Target price:
Upside:
RM13.32
RM21.80
67.4%
Analyst
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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