KUALA LUMPUR: CGS-CIMB Equities Research retains its Neutral call on the overall consumer sector during the four-week long movement control order (MCO) from March 18 to April 14.
In its research note on Wednesday, it believed the resilience of consumer staple stocks has already been priced in at current valuations (35 times one-year forward P/E, slightly higher than its five-year mean).
However, the depressed valuations of consumer discretionary stocks (13.6 times one-year forward P/E, trading below two standard deviations from its five-year mean) under its coverage could persist in the near-to-medium term.
...