Courts

Courts: HSBC reckons the new megastore in Malaysia is best in class, with its host of new retail concepts clearly offering a clear differentiation with a superior look and store layout, contrasting with nearby Harvey Norman and IKEA. However, with less fuel subsidy, plus high household credit (80.5% of GDP) it would be reasonable to assume slower growth going forward particularly in consumer discretionary spending as consumers adjust to the overall higher cost of living. That said, HBSC economists argue that stable employment conditions and sustained wage growth should continue to support private consumption going forward, albeit at a slower rate than in the past. HSBC reiterates OW with TP of $1.02