Heineken Malaysia's Outlook Clouded by Middle East Risks — Market Talk

Heineken Malaysia's earnings outlook appears uncertain amid concerns over the impact of the Middle East conflict on sales volume and input costs, Maybank IB analyst Jade Tam says in a note. Subdued domestic demand could continue to weigh on earnings in the near term, though sales may get intermittent support from the 2026 FIFA World Cup and rising tourist arrivals, she says. She cuts her 2026-2028 earnings forecasts by 6%-8% after weaker-than-expected 1Q results and lower industry volume growth assumptions. Maybank cuts Heineken Malaysia's target price to 28.90 ringgit from 31.50 ringgit, while maintaining a buy rating on the stock. Shares are 0.1% lower at 22.40 ringgit. (yingxian.wong@wsj.com)