HEIM’s 3Q Profit Rebounds 37%; More Than One Analysts Upgrade as Destocking Nears End

C.R. Lee · November 12, 2026

AI-assisted, reviewed by C.R. Lee

​Heineken Malaysia’s 3Q26 net profit rebounded 36.9% QoQ to RM69.2 million, supported by a 24% revenue recovery and improved cost management, although profit remained 38.7% lower year-on-year. 9M26 net profit of RM224.2 million met expectations, with distributor inventory normalisation substantially completed and further sequential improvement expected in 4Q26.

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According to data compiled by StockTipRatings.com, 5 research houses updated their Heineken Malaysia reports today, with 3 houses upgrading the stock to “Buy/Add” from “Hold/Neutral”. Based on the latest platform data, Heineken Malaysia is covered by 8 analysts across 7 research houses, comprising 7 “Buy/Add” ratings and 1 “Sell”. The consensus target price stands at RM18.70, implying approximately 43% upside from RM13.08.

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Among those who upgraded the stock, TA Securities analyst Liew Yi Jiet upgraded the company to “Buy” from “Hold”, lowering his target price to RM19.10 from RM19.40. He believes recent share-price weakness largely reflects near-term challenges. With inventory adjustments nearing completion, he expects business performance to stabilise in 2027, supported by productivity improvements and cost controls.

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Similarly, RHB Investment Bank analyst Soong Wei Siang upgraded it to “Buy” from “Neutral”, cutting his target price to RM17.60 from RM18.70. Despite reducing his 2026 earnings forecast by 11%, he expects increasing bottled-beer exports to Singapore, premiumisation and efficiency gains to support recovery. He forecasts approximately 29% earnings growth in 2027 and a 9.7% dividend yield.

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Meanwhile, CGS International analysts Chelsea Chew and Prem Jearajasingam upgraded Heineken Malaysia to “Add” from “Hold”, lowering their target price to RM15.80 from RM19.83.

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As of 9:01 a.m. on November 12, Heineken Malaysia’s share price fell 1.8% to RM13.08.

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Disclaimer: All content is AI-aggregated from public sources for informational and educational purposes only. StockTipRatings.com does not constitute investment advice. Past performance and historical statistics are no guarantee of future returns.

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