ImbaDog wrote a post · Dec 8, 2025 04:12

why spritzer?

I bought Spritzer because they basically own Malaysia’s bottled water market. With at least 40% market share — and still growing — buying Spritzer is literally buying a piece of the water Malaysians drink every day. They’re also the only mineral water brand doing actual marketing. Everywhere you go, Spritzer shows up before your ex, your Grab driver, or your willpower to diet.

As Malaysians earn more, trust tap water less (thanks to our award-winning rusty pipes and “Congratulations, no water today!” disruptions), and become more health-conscious (goodbye sugary drinks, we hardly knew you), bottled water becomes the default beverage — by choice and by survival. Throw in tourism growth, more urban living (everything closer, delivery cheaper), and the rising number of single people who refuse to commit even to a water dispenser… and Spritzer’s sales just keep flowing like a pipe that doesn’t burst.

Spritzer’s moat comes from its brand and massive distribution network. It’s the most popular mineral water with naturally high silica — still cheaper than other fancy silica brands. And here’s the fun part: a tiny RM0.10 increase in ASP delivers double-digit profit growth. Nobody is fighting over RM1.50 versus RM1.60. Malaysians will debate nasi lemak sambal levels, but not water prices.

Revenues and margins? Rock solid. Predictable. Scaling beautifully. Profit margin increases with growing revenue. The company grows like a plant that’s been overwatered — but somehow looks better every quarter. At around 18x PE, with double-digit growth, it’s basically a consumer staple with upside. Just look at Nongfu Spring trading at 40x PE, or Nestlé at 60x. Spritzer looks like it’s still on discount mode.

So yes, putting RM1 million into Spritzer felt like a no-brainer. Water is life — and Spritzer sells the water.