---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 171691
conversation_id: 2832ce15-3e42-4fb5-ba86-7cd92c04e525
citations: 0
created: 2026-05-31 18:25:28Z
---

# Is CLSA incrementally more positive/negative on 99 speedmart. If so, why?

## CLSA on 99 Speedmart (99SMART / 5326 MK) — Incremental View

**Bottom line:** CLSA's stance on 99 Speedmart has clearly turned **incrementally more positive** over the past ~12 months — but importantly, CLSA does **not** formally cover the stock. It remains a **non-rated name**; the shift shows up in tone and framing inside Malaysia consumer / market notes, not in a rating or target price change.

### The arc of CLSA's commentary

| Date | Document | Framing of 99 Speedmart | Tone |
|---|---|---|---|
| 25 Mar 2024 | Mynews – SELL | "Large competitor (namely 99 Speedmart) **benefitting from larger scale and lower prices**" — cited as the reason Mynews' minimart pivot faces an "increasingly saturated landscape" [4] | **Negative** (treated as a competitive threat to a covered name) |
| 17 Apr 2024 | Asia Consumer Monthly | Repeats the same framing — Mynews' minimart push faces saturation, "with large competitors (namely 99 Speedmart) benefitting from larger scale and lower prices" [5] | **Negative** (competitive headwind) |
| 16 Sep 2024 | Mr DIY – O-PF (IF24) | 99 Speed Mart's IPO (consensus 29x fwd PE) called out as the catalyst that pushed Mr DIY's share price "below the psychological RM2 level" [6][7] | **Cautiously acknowledged** as a credible competitor (CLSA had to defend the Mr DIY thesis against it) |
| 01 Oct 2024 | Malaysia as we see it – Sep 2024 | Section sub-headlined **"99 Speedmart, the new consumer sector darling"**. CLSA notes the stock had a **37% gain by end-Sep 2024** from its 9-Sep IPO debut and drew the biggest investor excitement in the Malaysian consumer space [1][8] | **Clearly positive shift in framing** |
| 02 Feb 2025 | Malaysia consumer (The Malaysian Zillennial) | 99 Speedmart explicitly named among "**non-rated names that have been able to demonstrate resilience**" in household staples, alongside Farm Fresh and AEON [2][3]. Their proprietary consumer survey shows **42% of respondents shop at 99 Speedmart / KK Mart**, second only to AEON/Giant/Lotus at 61% [9] | **Sustained positive characterisation** |

### Why the incremental positivity

1. **Post-IPO performance forced a re-rating of the narrative.** Before the September 2024 IPO, 99 Speedmart appeared in CLSA notes only as a competitive *threat* to Mynews and Mr DIY [4][5][6]. After the +37% post-IPO move, CLSA reframed it as the "new consumer sector darling" and described investors flocking to the name [1].

2. **Proprietary survey evidence of structural strength.** CLSA's own Malaysian Zillennial consumer survey (Feb 2025) showed 99 Speedmart / KK Mart capturing 42% of grocery-shopping respondents — putting it second only to the AEON / Giant / Lotus hypermarket bucket and well ahead of NSK / Econsave / Hero (21%) and wet markets (21%) [9]. This is hard evidence that the value-for-money / minimart format is winning share, which CLSA explicitly identifies as the "overarching theme" for 2025 consumer spending [3].

3. **Validates CLSA's broader Malaysia consumer thesis.** CLSA's macro view is that Malaysian consumers are "down-trading" and prioritising value-for-money [2][3]. 99 Speedmart's resilience in household staples — a top-5 spending category in their survey — fits that thesis directly and is now invoked as supporting evidence rather than as a competitive risk [2][3].

4. **Competitive narrative around Mr DIY softened.** In September 2024 CLSA conceded the IPO was the proximate cause of Mr DIY's share-price weakness but maintained Outperform on Mr DIY at unchanged TP RM2.42 [6][7]. By October 2024, fund-flow data was framed neutrally — both names attracted foreign and local interest, with retail cashing out [1]. The "zero-sum" framing of early 2024 has been replaced by a "both can win" tone.

### Important caveats

- **No formal coverage.** Across every document found, 99 Speedmart is explicitly labelled as **"non-rated"** [2][3]. The positive shift is descriptive / market-color, not a rating-and-TP call.
- **All mentions sit inside cross-cutting notes** (Malaysia consumer surveys, Malaysia market wraps, and peer notes on Mynews / Mr DIY). There is no standalone CLSA initiation or sector report on 99 Speedmart in this scope.
- **Latest CLSA reference is 2 Feb 2025.** No fresher CLSA note in this scope updates the view, so "incremental" is measured as of early 2025 — readers should sanity-check against more recent sell-side flow before trading off this view.

### So, is the shift "incrementally more positive"?

**Yes — meaningfully more positive in tone and framing, though stopping short of a formal Buy.** The trajectory: from "scale-and-price threat to our SELL on Mynews" (Mar–Apr 2024) → "IPO sell-off catalyst dragging Mr DIY" (Sep 2024) → "the new consumer sector darling, +37% post-IPO" (Oct 2024) → "non-rated name demonstrating resilience, with 42% of survey respondents shopping there" (Feb 2025). The structural read is that CLSA now sees 99 Speedmart as the *beneficiary* of the same value-for-money theme it had previously cited only as a *risk* to its covered consumer names.

---
**Sources**
[1] Malaysia Market (Malaysia as we see it—Sep 2024) — CLSA (1 Oct 2024) — 607940535LinqAlpha.PDF
[2] Malaysia consumer (The Malaysian Zillennial) — CLSA (2 Feb 2025) — 607949463LinqAlpha.PDF
[3] Malaysia consumer (The Malaysian Zillennial) — CLSA (2 Feb 2025) — 607949463LinqAlpha.PDF
[4] Mynews – SELL (Stayed profitable) — CLSA (25 Mar 2024) — 607925111LinqAlpha.PDF
[5] Asia Consumer (CLSA Consumer Monthly) — CLSA (17 Apr 2024) — 607926846LinqAlpha.PDF
[6] Mr DIY – O-PF (IF24: Interest still strong) — CLSA (16 Sep 2024) — 607939660LinqAlpha.PDF
[7] Mr DIY – O-PF (IF24: Interest still strong) — CLSA (16 Sep 2024) — 607939660LinqAlpha.PDF
[8] Malaysia Market (Malaysia as we see it—Sep 2024) — CLSA (1 Oct 2024), share-price comparison table — 607940535LinqAlpha.PDF
[9] Malaysia consumer (The Malaysian Zillennial) — CLSA (2 Feb 2025), Figure 28 survey table — 607949463LinqAlpha.PDF

