Heineken Malaysia set to step up capex as Singapore production shifts: CGSI

The research house raised its FY26 capital expenditure forecast by 47% to reflect management's plan to build a new production line to meet future demand following the relocation of production from Singapore.

Despite the expansion, CGSI downgraded the brewer to "Hold" from "Add" and lowered its target price to RM19.83, after cutting its FY26, FY27 and FY28 earnings forecasts by 37.8%, 31.9% and 21.7%, respectively.

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