99SMART (5326): Stocks Analysis and Forecast (2025)

Key Takeaways

• 99SMART (5326.BMS) represents 99 Speed Mart Retail Holdings Berhad, a dominant Malaysian FMCG retailer known for strong national presence, healthy cash flow, and strategic backing from major institutional investors.
• The company boasts robust financials with double-digit revenue and profit growth, a strong balance sheet, over 2,600 outlets, and ongoing digital transformation, making it attractive to long-term growth investors.
• Its stock price has shown resilience, rising YTD but trading in a consolidation phase around RM3.10–RM3.25, with technical indicators signaling a neutral-to-cautious bullish trend in the near term.
• Latest quarterly earnings highlighted revenue of MYR 2.71 billion and net profit margin improvement, driven by store expansion and effective cost control, supporting growing investor confidence.
• The company initiated its first annual cash dividend in 2025 with a yield of 0.73%, signaling a shift toward sustainable income distribution supported by strong free cash flow.

What is 99SMART (5326.BMS) Stock?

99SMART (5326.BMS) stock represents 99 Speed Mart Retail Holdings Berhad, a leading fast-moving consumer goods (FMCG) retail company in Malaysia. Operating under the brand "99 Speed Mart", the company specializes in the retail of consumable merchandise and household products. Established in 2023 and listed on Bursa Malaysia, 99SMART stock is part of the Consumer Products & Services sector and has become one of the most discussed Malaysia stocks due to its aggressive expansion and strong fundamentals.

With operations entirely focused in Malaysia, 99SMART has grown into a retail giant employing over 22,000 people. Its consistent revenue growth, positive free cash flow, and rising earnings have drawn attention from both institutional and retail investors. Backed by strategic stakeholders, including major local institutional investors like the Employees Provident Fund (EPF), 99SMART stock appeals to market participants seeking exposure to the resilient domestic consumer market in Malaysia.

Why Consider Investing in 99SMART (5326.BMS) Stock?

Robust Financial Health Reflects Solid Business Fundamentals

99SMART, the operator of 99 Speed Mart retail chain in Malaysia, showcases a resilient financial profile. In FY2024, the company recorded RM9.98 billion in revenue, a substantial increase from RM9.21 billion in 2023. Net profit also grew steadily to RM490.26 million, up from RM400.23 million, reflecting an improving net profit margin of 4.91%.

EBITDA rose to RM940.26 million, indicating strong operational efficiency and cash-generating ability. The return on equity (ROE) stood at an impressive 46.24% in 2024, which suggests the company makes efficient use of shareholders' capital. Moreover, a relatively low debt-to-capital ratio of 0.25 and a healthy current ratio of 1.74 demonstrate sound liquidity and financial stability.

Strategic Expansion and Digital Evolution Drive Growth Opportunities

News from the investment community highlights a surge in investor confidence driven by 99SMART’s ongoing digitisation efforts and customer experience enhancements. The company now operates over 2,651 outlets nationwide and is supported by 19 distribution centres, enabling extensive market penetration.

Furthermore, with Malaysia’s Budget 2026 emphasizing support for local consumer services and retail development, 99SMART stands to benefit from a policy-tailwind. Analysts from RHB and CIMB predict annual net profit growth of over 10% up to 2027, pinning target prices between RM3.08 and RM3.50—a positive indicator for long-term growth potential.

Strong Institutional Confidence and Positive Capital Flows

Institutional investors currently hold 62.47% of 99SMART’s shares. Key stakeholders include Lee Lyg Holdings Sdn Bhd (51.5%) and the Employees Provident Fund (EPF) with nearly 5% (despite a slight recent decrease of 15.7M shares).

Capital flow analysis shows substantial main-board inflows on specific days—RM6.2M on Oct. 29 and RM7.24M on Oct. 30—highlighting investor trading confidence. A peak main investor deal ratio of 30.82% indicates heightened participation from major investors. Despite intermittent outflows, the consistency of large inflows supports a bullish sentiment overall.

Technical Indicators Reflect a Cautious Bullish Trend

On the technical front, multiple indicators suggest a cautiously optimistic outlook. The Moving Average Convergence Divergence (MACD) remains above zero, albeit with a narrowing difference, indicating ongoing but slowing bullish momentum. The 5-day Moving Average (MA) remains modestly higher than longer-term MAs, signaling short-term strength.

However, indicators like the Relative Strength Index (RSI) have cooled to around 52.46 (6-day), down from over 90 a week ago, showing that the stock is stabilizing from a previously overbought condition. The KDJ and Bollinger Bands also imply potential consolidation, with price hovering near upper Bollinger bands, suggesting reduced upside in the short term.

Attractive Sector Positioning in Defensive Retail Industry

As a staple goods retailer under the Consumer Products & Services sector, 99SMART positions itself within a defensive industry. This means consumer demand remains comparatively stable even during economic uncertainty. Selling necessities like food, beverages, and personal care items gives the company a buffer against economic cycles.

Moreover, its widespread reach and local familiarity make the brand a household name in Malaysia, giving it pricing power and loyalty advantages. This adds qualitative value that is often overlooked in traditional metrics—but critical to long-term investor confidence.

How to Buy 99SMART (5326) Stock in Malaysia

Step 1: Open a Trading Account

To begin investing in 99SMART (stock code: 5326), you'll need to open a Central Depository System (CDS) and trading account through a licensed Malaysian stockbroker like moomoo. For Malaysian citizens, the required documents typically include a copy of your NRIC and a valid proof of address (e.g., utility bills or bank statements dated within the past 3 months). For foreign investors, a valid passport, visa (if applicable), and proof of residential address are required. Account approvals usually take 1 to 3 working days, although it may vary by broker platform.

Step 2: Fund Your Account

Once your trading account is active, you’ll need to fund it. Malaysian brokerage accounts can be funded via direct bank transfers, FPX payments, or electronic wallets, depending on your platform. Moomoo supports a range of instant transfer methods for efficient funding experiences. Be sure to verify the minimum deposit required by your selected brokerage platform before making any transactions.

Step 3: Do Your Research on 99SMART (5326)

Before purchasing any shares, researching 99SMART is vital to making informed decisions. 99SMART is listed under the Consumer Products & Services sector and has shown notable growth, with its stock price oscillating between RM3.07 and RM3.20 over recent sessions. Current technical indicators like MACD and RSI suggest cooling momentum, while a 0.73% dividend yield provides value for income-focused investors. Keep an eye on market trends, institutional ownership (notably held by Lee Lyg Holdings and EPF), and quarterly financials before placing an order.

Step 4: Place an Order

Once your research is complete, buying 99SMART shares is simple. Log into your moomoo app, search for “99SMART” or “5326” and tap into the stock page. Select “Buy,” enter the number of shares you want, and choose your order type (Limit or Market Order). Confirm your transaction to submit the order. You’ll receive a notification once your trade is executed.

99SMART (5326.BMS) Stock Price Performance

What is 99SMART Stock Price?

As of October 31, 2025, 99SMART (5326.BMS) closed at RM3.14, edging slightly lower from the previous day's RM3.15. This marks a subtle -0.32% day-on-day change. On a month-to-date basis, the price has fluctuated within a tight range of RM3.10 to RM3.25. Year-to-date, however, the retail chain has showcased notable resilience, with its share price rising from below RM2.80 in early 2025, tracking consumer optimism amid expected fiscal stimulus in Budget 2026. Despite its robust growth story, reflected by a trailing twelve-month P/E ratio of 49.06, challenges remain given the modest dividend yield of just 0.73% and price-to-book ratio of 15.62—highlighting valuation pressure. Still, as Malaysia’s top FMCG retailer, 99SMART's long-term strategy of outlet expansion and focus on essential consumer products positions it favorably in a consumption-driven economic environment.

Historical 99SMART Stock Price Movements Analysis

Looking at the past 30 trading sessions, 99SMART’s price pattern reveals short-term volatility bounded by strong support near RM3.10 and resistance around RM3.25. The K-Line (candlestick) charts signal a sideways consolidation throughout late October, with falling volumes indicating reduced trading enthusiasm. Technical indicators back this cautious mood. The MACD histogram has turned negative, and both RSI6 and KDJ show cooling momentum, suggesting a temporary loss of bullish traction. Despite brief rebounds—like October 30’s RM3.15 close—price action has failed to break out decisively. This equilibrium hints at a wait-and-see phase among investors, likely influenced by macro uncertainties such as fiscal policy shifts and broader market sentiments. Unless heavy buying resumes, particularly from institutional players, we may see the stock drift within this current band in the coming weeks.

99SMART (5326.BMS) Forecast

Forecasting ahead, 99SMART may continue trading within the RM3.10–RM3.25 corridor in the near term, unless a catalyst emerges. Technical momentum has eased—RSI14 is cooling, and the recent MACD crossover suggests consolidation, not breakout. However, support from Budget 2026, with anticipated increases in consumer aid and tax cuts, might uplift sentiment soon, mirroring early-month investor excitement. Given its dominant market share among budget-conscious Malaysians and its recent positive institutional flows—like the RM15.61M net inflow on October 29—the stock has latent upside potential. If fiscal spending increases household disposable income, 99SMART could see renewed buying, particularly as a key beneficiary in the consumer staples rally. In short, it’s like waiting at a train platform—the train hasn't left yet, but once the engine (consumer spending) starts running, this stock might be back on track for a climb.

99SMART (5326.BMS) Earnings

How Often Does 99SMART Release Earnings Reports?

As a listed company on Bursa Malaysia, 99SMART (5326.BMS), also known as 99 Speed Mart Retail Holdings Bhd, publishes its financial results on a quarterly basis. These earnings reports provide key insights into the company’s financial health, including revenue, profitability, margins, and financial ratios.

When is the Next 99SMART Earnings Date?

Based on its quarterly reporting cycle, the next earnings release for 99SMART is expected to be in late January 2026, covering the fiscal quarter ending December 2025 (Q3 2025). Investors looking to track performance trends should monitor Bursa Malaysia announcements and the company's investor relations updates.

What Were 99SMART’s Earnings Last Quarter?

In the most recent quarter (Q2 2025), 99SMART reported strong financial growth. The following table summarizes key metrics:

Source: 99SMART Financial Reports via 东方财富网, Accessed Oct 23, 2025

Key Highlights:

• Revenue growth was driven by increased store expansion and government subsidy programs.
• EPS and net profit rose sharply due to better cost control despite higher operational costs.
• Gross margin saw a slight improvement, indicating stable pricing efficiency.
• Debt ratio increased marginally, reflecting ongoing investment in infrastructure and new store rollout.

What Was Discussed in the Latest 99SMART Earnings Call?

During the latest 99SMART Earnings Call, management highlighted the company’s performance exceeding market expectations in both profit and free cash flow. Questions from analysts emphasized expansion strategy, logistics optimization, and its role in Malaysia’s retail ecosystem. The company reaffirmed a positive outlook supported by rising demand for essentials and new market penetration plans.

Does 99SMART (5326.BMS) Pay Dividends?

Yes, 99SMART (5326.BMS), a leading grocery retailer in Malaysia, does pay dividends. As part of its shareholder returns strategy, the company initiated its maiden dividend distribution in 2025, reflecting its transition from a fast-growing retail chain to a more mature and income-generating entity. While 99SMART is still relatively new on Bursa Malaysia—having been founded in 2023—it has already demonstrated strong free cash flow generation and profitability metrics that support sustained distributions. The latest dividend declaration adds another dimension to the stock's investment appeal, especially for income-focused investors tracking the 99SMART dividend outlook. This move is aligned with the company's healthy operating performance and robust cash flow reported across recent quarters.

Dividend Summary of 99SMART (5326.BMS)

Here’s a summary of the key dividend metrics for 99SMART stock:

• Dividend Yield (TTM): 0.73%
• Annual Dividend Per Share: MYR 0.0225
• Dividend Frequency: Annually (first declared in 2025)
• Latest Ex-Date: 28 May 2025
• Dividend Type: Cash

Dividend History of 99SMART (5326.BMS)

Source: moomoo Malaysia stock data

How 99SMART Dividend Compares Within the Consumer Sector

In terms of dividend performance, 99SMART’s trailing dividend yield of 0.73% is modest when compared to more established players within Malaysia’s consumer products sector, where average yields typically range between 2% and 4%. However, it is important to recognize that 99SMART is still in an early growth phase. The declared 99SMART dividend appears to be highly sustainable, underpinned by strong financials, including a Q2 2025 free cash flow of MYR 282 million and net profit growth of over 22% year-over-year. For investors prioritizing steady growth with emerging income potential, 99SMART offers an evolving dividend proposition that may grow over time as the firm strengthens its retail footprint and matures operationally.

Risk Assessment for 99SMART (5326.BMS) Stock

Over the past two months, 99SMART has demonstrated resilient financial and market performance amid broader retail sector volatility in Malaysia. The stock touched a historical high of RM3.39 on October 22, 2025, following consistent revenue growth (+11.9% YoY in Q2 2025) and a notable spike in net profit (+22.05% YoY for the same period). Despite general macroeconomic uncertainty, the retail sector benefited from positive sentiment driven by the 2026 Budget, with anticipated subsidies supporting household spending. However, 99SMART still underperformed analyst revenue expectations in Q2, posting RM2.708 billion versus the RM2.906 billion consensus (Moomoo, Q2 2025). Recent capital flows also indicate inconsistency, with institutional support appearing to wane; notably, the EPF reduced its stake below 5% by mid-October, triggering ownership concentration risk (>79% held by founders).

From a valuation perspective, the stock’s trailing P/E ratio of 48.91 (as of October 31, 2025) places it substantially above sector peers, indicating aggressive pricing. Its beta value of 1.32 suggests heightened sensitivity to market swings—comparable to driving a sports car on a slippery road. High beta, combined with its 2.92% volatility and recent MACD divergence (negative cross as of late October), flags short-term technical pressure. While its robust EPS growth (+22.15% YoY in Q2) and strong free cash flow projections (YoY FCF +94.31%) provide a buffer, the price momentum is increasingly fragile.

Regulatory risks loom on the horizon, particularly around Malaysia’s budget-driven fiscal reforms. The possible expansion of the Sales and Services Tax (SST) and subsidy rationalization, such as targeted RON95 petrol reductions, could impact consumer behavior and, by extension, revenue cycles for FMCG retailers like 99SMART. On the ESG front, the company has yet to explicitly report sustainability metrics, leaving it exposed to investor scrutiny. Given its nearly complete domestic revenue reliance (100% from Malaysia), geopolitical tailwinds or trade disruptions could disproportionately hit future earnings if not diversified. Overall, while fundamentals appear sound, elevated valuation, ownership concentration, and external macro-regulatory risks weigh heavily on its medium-term risk profile.

Conclusion

99SMART (5326.BMS), the retail giant behind Malaysia’s popular 99 Speed Mart chain, has quickly established itself as a strong contender in the FMCG sector since its 2023 listing. Backed by consistent revenue and profit growth, low debt, and high return on equity, the stock reflects solid fundamentals. Institutional investor confidence and the brand’s wide national presence further strengthen its market position. While the stock had impressive early momentum, technical indicators suggest the pace is moderating, with price movements consolidating between RM3.10 and RM3.25. Nonetheless, 99SMART’s growth story—fueled by continued outlet expansion, government support via the Budget 2026, and digitisation—makes it a stock to watch.

Looking forward, investors should consider a balanced approach. Current technical patterns imply a consolidation phase, but the long-term outlook remains positive due to rising consumer demand and Malaysia’s fiscal support for local retail. For medium- to long-term investors, 99SMART stock offers potential upside, particularly once consumer spending rebounds and institutional flows pick up again. That said, risks such as high valuation, ownership concentration, and evolving fiscal policies should not be overlooked. We recommend closely monitoring quarterly earnings, dividend announcements, and macroeconomic developments before making a strong move. For those seeking exposure to Malaysia’s consumption-driven growth, 99SMART remains a promising, albeit slightly volatile, option.