AmInvest Research Reports

Author: AmInvest   |   Latest post: Fri, 18 Jan 2019, 09:32 AM


AmWatch - Sector Focus of The Day

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Consumer Sector: Spending to remain healthy Overweight

We maintain OVERWEIGHT on the consumer sector as we expect consumer sentiment to remain healthy. The recent consumer-friendly initiatives such as the reintroduction of petrol subsidy, capping of the electricity tariff and introduction of public transport subsidies have contained the problem of rising cost of living and effectively put more money back into the pockets of consumers. The substitution of the goods and services tax (GST) with the sales and services tax (SST) is a net positive to consumers as the SST has a narrower scope compared with the GST.

The improved consumer sentiment is manifested in the uptick in the Consumer Sentiment Index as measured by the Malaysian Institute of Economic Research (MIER), where the index has recovered beyond the 100-point confidence threshold after 3 years of a low sentiment trend. We believe the positive trend in consumer sentiment will be sustained as consumers become more confident of the government with expectations of a more rakyat-centric government policies, better governance and transparency. We project private consumption to grow at 6.5% YoY as shown in Exhibit 2. This is on the back of a healthy labour market as well as stable inflation.


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Source: AmInvest Research - 7 Jan 2019

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