Power Root as the top picks for the sector.
o Weakening of the MYR against the USD (2019 house assumption average: RM4.12). Berjaya Food and Padini
are beneficiaries of a stronger MYR. Half of Berjaya Food’s raw material is purchased in USD while 70% of Padini’s raw material is sourced from China.
o Sluggish improvement to economic fundamentals, leading to a derating of the sector. A sluggish recovery in economic fundamentals such as high operational costs and a weak MYR may not see consumers fully benefitting from savings tied to the SST reintroduction and consumer-friendly measures, thereby dampening the recovery in consumer sentiment.
Source: AmInvest Research - 7 Jan 2019
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