---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 203429
conversation_id: 015d9bab-2228-4d6d-a11e-feb68d7ecc87
citations: 9
created: 2026-05-31 22:20:02Z
---

# Who are the key customers and suppliers of 99 speedmart?

# 99 Speed Mart Retail Holdings (99SMART, Bursa: 5326) — Key Customers and Suppliers

## Customers

99 Speedmart is a **B2C retail mini-market operator**, not a wholesaler or institutional supplier — so it has no concentrated "key customer" list. Per the IPO Prospectus:

- **Customer base**: "Walk-in retail consumers at our outlets, i.e., individuals or families residing within the local community." Its pricing and product offerings appeal to **bargain-minded, value-conscious mass-market shoppers** who appreciate the convenience of being able to purchase items without extensive travel or excessive spending [1].
- **Customer concentration**: "Due to the retail nature of our Group's business, there is **no single customer who has made a material contribution to our Group's total revenue** for the Periods under Review" [1].
- **Scale of customer footfall**: The outlets serve **approximately 1.1 million customers per day** based on sales transactions recorded in FYE 2023, with an **average transaction value of RM22.29 per outlet per day** [5].
- **Adjacent customer segment (99 Bulksales)**: Since launching its bulk-sales online platform (99bulksales.my) in September 2023, the company has been extending services to **retail and enterprise customers** wanting to buy in bulk — broadening the addressable base beyond walk-in shoppers [6].

## Suppliers

Procurement from suppliers is 99 Speedmart's single largest cost line. As at the latest practicable date (LPD) of the IPO Prospectus, the Group sourced inventory from **approximately 700 suppliers**, with cost of sales representing **~90.4–90.9% of total revenue** across FYE 2021–2023 [4].

### Top 5 Major Suppliers (by purchases)

| Period | Supplier | Products | Relationship (yrs) | Purchases (RM m) | % of total purchases |
|---|---|---|---:|---:|---:|
| **FYE 2021** | Nestle | Instant drinks, cereals, instant noodles | 7 | 530.6 | 7.1% |
| | TTS (Thong Thye Siang) | Chocolates, pet food, beverages | 24 | 504.8 | 6.8% |
| | DKSH | Confectionery, biscuits, milk powders | 18 | 473.7 | 6.4% |
| | LH Uni Distribution | Beverages | 21 | 314.0 | 4.2% |
| | Great Plus | Personal/home care, OTC medicine | 24 | 233.3 | 3.1% |
| | **Top 5 Total** | | | **2,056.4** | **27.6%** |
| **FYE 2022** | Nestle | Instant drinks, cereals, instant noodles | 7 | 551.3 | 7.1% |
| | TTS | Chocolates, pet food, beverages | 24 | 522.5 | 6.8% |
| | DKSH | Confectionery, biscuits, milk powders | 18 | 507.0 | 6.6% |
| | LH Uni Distribution | Beverages | 21 | 315.7 | 4.1% |
| | Great Plus | Personal/home care, OTC medicine | 24 | 261.0 | 3.4% |
| | **Top 5 Total** | | | **2,157.5** | **28.0%** |
| **FYE 2023** | Nestle | Instant drinks, cereals, instant noodles | 7 | 687.0 | 7.8% |
| | DKSH | Confectionery, biscuits, milk powders | 18 | 622.7 | 7.1% |
| | TTS | Chocolates, pet food, beverages | 24 | 485.2 | 5.5% |
| | Dutch Lady | Milk products incl. infant formula | 8 | 314.2 | 3.6% |
| | Great Plus | Personal/home care, OTC medicine | 24 | 291.3 | 3.3% |
| | **Top 5 Total** | | | **2,400.4** | **27.3%** |
| **3M FPE Mar 2024** | Nestle | Instant drinks, cereals, instant noodles | 7 | 186.8 | 8.0% |
| | DKSH | Confectionery, biscuits, milk powders | 18 | 156.1 | 6.7% |
| | TTS | Chocolates, pet food, beverages | 24 | 147.0 | 6.3% |
| | LH Uni Distribution | Beverages | 21 | 91.3 | 3.9% |
| | Dutch Lady | Milk products incl. infant formula | 8 | 85.6 | 3.7% |
| | **Top 5 Total** | | | **666.8** | **28.6%** |

Source: IPO Prospectus Section 7.7 [1][2]

### Full Legal Names (from Prospectus Definitions)

- **Nestle** = Nestle Products Sdn Bhd
- **DKSH** = DKSH Malaysia Sdn Bhd
- **Dutch Lady** = Dutch Lady Milk Industries Berhad
- **TTS** = Thong Thye Siang Sdn Bhd
- **Great Plus** = Great Plus Enterprise Sdn Bhd
- **LH Uni Distribution** = LH Uni Distribution Sdn Bhd [3]

### Key Observations

- **Supplier mix is well diversified** — no supplier exceeds ~8% of total purchases; top 5 collectively account for only ~27–29% of purchases, mitigating concentration risk.
- **Nestle is consistently the #1 supplier**, growing from RM530.6m (7.1%) in FYE 2021 to RM687.0m (7.8%) in FYE 2023.
- **DKSH overtook TTS** to become #2 in FYE 2023 after years of being #3 — reflecting expansion of confectionery, biscuits, and milk-powder volumes.
- **Dutch Lady (Berhad)** entered the top 5 in FYE 2023 (#4, RM314.2m), displacing LH Uni Distribution; reflects growing infant-formula/dairy sales.
- **Long-tenured relationships**: TTS (24 yrs), Great Plus (24 yrs), LH Uni Distribution (21 yrs), DKSH (18 yrs) — supply continuity is a structural advantage.
- **Mostly local sourcing**: In FY2024, **99% of the procurement budget was allocated to local (Malaysian) suppliers** [8], reinforcing supply-chain resilience and the "support domestic" narrative.

### Procurement Strategy Evolution

- **Direct sourcing model**: 99 Speedmart has adopted "a direct sourcing strategy, bypassing intermediaries and purchasing directly from brand principals or manufacturers," which enhances purchasing power, lowers procurement costs, and improves supply-chain efficiency [6].
- **International sourcing via China subsidiaries**: The Group "recently commenced procurement of a few types of household products from the PRC" [7], via its wholly-owned subsidiaries **Yiwu J-Jade Trading Co., Ltd** and **Yiwu Speed Mart Import & Export Co., Ltd**, incorporated specifically to expand sourcing capabilities.
- **Sustainable supply chain**: Management has stated it is "dedicated to reducing plastic packaging, sourcing from ethical suppliers and embedding responsible business practices into our operations" [9].

---

**Sources**
[1] 99 Holdings Prospectus (Part 1) — Section 7.6 & 7.7 (Top 5 customers / Top 5 major suppliers, FYE 2021–2023)
[2] 99 Holdings Prospectus (Part 1) — Section 7.7 continued (FPE 31 March 2024 top 5 suppliers table)
[3] 99 Holdings Prospectus (Part 1) — Definitions section (full legal names of Nestle, DKSH, Dutch Lady, TTS, Great Plus, LH Uni Distribution)
[4] 99 Holdings Prospectus (Part 2) — Section 12 Financial Information (~700 suppliers; cost of sales 90.4–90.9% of revenue)
[5] 99 Holdings Prospectus (Part 1) — Section 7.1 Business Overview (~1.1m customers/day, RM22.29 average transaction)
[6] 99SMART Annual Report 2024 — CEO's Statement (direct sourcing strategy; 99 Bulksales rollout)
[7] 99 Holdings Prospectus (Part 1) — Section 3.5 Future Plans (international sourcing from PRC)
[8] 99SMART Annual Report 2024 — Sustainability Statement (99% procurement budget to local suppliers)
[9] 99SMART Annual Report 2024 — MD&A Market Landscape (ethical sourcing commitment)

## Citations

- [1] **99 Holdings Prospectus (Part 1)** · external
- [2] **99 Holdings Prospectus (Part 1)** · external
- [3] **99 Holdings Prospectus (Part 1)** · external
- [4] **99 Holdings Prospectus (Part 2)** · external
- [5] **99 Holdings Prospectus (Part 1)** · external
- [6] **99SMART - Annual Report 2024 (Part I)** · external
- [7] **99 Holdings Prospectus (Part 1)** · external
- [8] **99SMART - Annual Report 2024 (Part 2)** · external
- [9] **99SMART - Annual Report 2024 (Part I)** · external

