99 Speed Mart's Growth Seen Supported by Store Expansion, Sales — Market Talk

99 Speed Mart Retail's long-term growth outlook remains intact given minimal impact from geopolitical tensions, CGS International analysts Chelsea Chew and Prem Jearajasingam say in a note. Growth is expected to be supported by 250 store openings annually, stronger same-store sales from a better product mix and rising bulk sales, they say. The retailer has seen resilient consumer spending, stable supplier pricing and manageable logistics costs, despite the ongoing Middle East tensions, they note. CGS raises 99 Speed Mart Retail target price to 2.94 ringgit from 2.55 ringgit, but keeps a reduce rating on the stock's stretched valuations. Shares are 4.3% higher at 3.43 ringgit. (yingxian.wong@wsj.com)