PETALING JAYA: 99 Speed Mart Retail Holdings Bhd
is expected to extend its growth trajectory into 2026 as structural demand drivers, government support schemes and an expanding store footprint strengthen its position.
Analysts expected the mini-market operator to continue capturing wallet share as cash-aid allocations rise and consumption patterns tilt further towards value-focused retail.
In its note, Hong Leong Investment Bank (HLIB) Research said it remained constructive on 99 Speed Mart’s trajectory, supported by consistent execution and structural tailwinds.
The research house said the group is delivering steady revenue and earnings gains through an aggressive rollout strategy that includes 250 planned openings in 2026, bringing it close to the 3,000-outlet threshold.
It noted that the retailer achieved full nationwide coverage following its entry into Kelantan last month
Expansion abroad is also gathering pace. HLIB Research highlighted that international expansion is progressing well, with the company having opened its first outlet in Fuzhou, China in August and subsequently growing the network to three stores supported by a small-scale distribution centre.
“Management aims to scale to 12 outlets in Fuzhou over the medium term as it assesses market depth and operational scalability,” HLIB Research said.
It also pointed to longer store hours, the “four items for RM10” campaign and Everyday Value Zones as measures that reinforced the chain’s value-for-money positioning.
It added that favourable macro conditions and the broadened RM100 Sumbangan Asas Rahmah (Sara) credit programme – with Sara 2.0 slated for February 2026 – strengthen near-term demand prospects.
Reflecting recent earnings outperformance, HLIB Research raised its growth forecasts for 99 Speed Mart by 11% for 2025, 16% by 2026 and 15% for 2027. It raised its target price to RM3.80 while maintaining a “buy” call.
RHB Research shared similar optimism, stating: “The fiscal policy to increase the budget allocation for Sara in 2026 is positive to 99 Speed Mart considering its established market position and brand equity.”
It noted that more than 2,000 outlets are currently activated for Sara, with plans to widen participation.
It said the group stood to benefit from rising disposable income among lower-income households and persistent downtrading behaviour amid inflation, given consumers’ preference for mini-markets.
RHB Research said long-term earnings would also be supported by the retailer’s moves to expand its addressable markets through diversified sourcing, a bulk-sales platform and international expansion.
Maintaining a “buy” call and RM3.56 target price, the research house highlighted: “Outlet expansion to penetrate underserved regions will continue to anchor its steady three-year earnings growth of 15%.”
CIMB Research echoed the positive view, saying: “We view 99 Speed Mart as a key beneficiary of government cash aid schemes under Budget 2026.”
It estimated that more than 2,000 stores – around 67% of the network – are enrolled under Sara, enabling the company to capture higher spending on essential goods.
The research house expected this to support firmer performances in the fourth quarter of 2025 and financial year 2026, backed by inelastic demand and a broad store base.
Raising its earnings forecasts by up to 11.8%, CIMB Research said: “The premium is justified by 99 Speed Mart’s unique positioning as the largest beneficiary of government cash assistance, supported by its deep Sara penetration and resilient sales mix centred on daily essentials.”
It retained its “buy” call and increased its target price to RM3.65.
For the third quarter ended Sept 30, 2025, 99 Speed Mart posted a 49.9% rise in net profit to RM160.65mil, with revenue up 19.1% to RM3.04bil.
