KUALA LUMPUR, Oct 17 — RHB Investment Bank Bhd (RHB IB) has maintained its “buy” call on 99 Speed Mart Retail Holdings Bhd, raising its target price to RM3.56 from RM2.81, reflecting stronger growth prospects supported by government fiscal measures.
At 10.28 am, the share price rose eight sen to RM3.21, with 5.33 million shares traded.
The investment bank said 99 Speed Mart remains a key beneficiary of the Sumbangan Asas Rahmah (Sara) programme under Budget 2026, which is expected to channel over RM3 billion into essential goods next year.
It said that more than 1,400 of the retailer’s outlets have been enrolled under Sara as listed on the MyKasih website, supporting steady earnings growth.
“99 Speedmart is well-positioned to benefit from the rising disposable income of lower-income groups, as well as the downtrading consumption trends resulting from elevated inflationary pressures, given its extensive store network and consumer preference for mini-markets to shop for groceries,” it added.
