PETALING JAYA: Growth numbers for the consumer sector could moderate in the second half of 2025, especially for retailers, following a strong start to the year with the Hari Raya celebrations.
This was despite the sector providing a defensive shelter amidst the uncertain global macroeconomic outlook, thanks to the domestic-centric earnings base and resilient consumption on stable employment and continuous financial support.
In a report, RHB Research said the prospects of subdued consumer sentiment and rising operating expenditure (opex) will cap earnings growth.
“Therefore, we strategically advocate for the liquid large-cap retailers with better earnings visibility, backed by superior operational scale and efficiency. We maintain a ‘neutral’ call,” RHB Research said.
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