PETALING JAYA: The 10% excise duty hike proposed in Budget 2026 is negative to the brewery sector as demand may be dented in the immediate term before eventually normalising, says RHB Research.
The research house said the last excise duty hike in 2016 did not lead to adverse earnings impact to Heineken Malaysia Bhd
and Carlsberg Brewery Malaysia Bhd’s operations, as it recorded earnings growth of 9% and 15% after March 2016.
