KUALA LUMPUR (Feb 6): Consumer products and services counters were among the top gainers on Tuesday, ahead of Chinese New Year celebrations later in the week.

As a result, the Bursa Malaysia Consumer Products and Services Index was up 2.21 points, or 0.39%, reaching the highest level in nine months, at 564.93 points since its last closed at 564.23 points on May 24, 2023. 

At market close on Tuesday, Nestlé (Malaysia) Bhd was the biggest gainer by value on Bursa, up RM1.30 or 1.08% to RM121.30 per share, translating into a market capitalisation of RM28.05 billion. Year to date (YTD), the counter had inched up 3.15%.

At RM121.30 per share, the stock was still 10.55% lower compared to a year ago.

According to Bloomberg data, analysts have one "buy" and nine "hold" calls on the counter, with a 12-month average target price (TP) of RM128.55.

Nestlé was followed by Fraser & Neave Holdings Bhd (F&N) in the top gainers list, with F&N gaining 42 sen per share or 1.48% to RM28.86 on Tuesday, its highest closing price in three years. At that price, F&N boasted a market cap of RM10.35 billion.  

According to Bloomberg data, analysts have five "buy" ratings and two "hold" for F&N, with a 12-month average TP of RM32.84.

Apollo Food Holdings Bhd was not so far behind, at the fourth place in the top gainers list, adding 29 sen or 5.47% to RM5.59 on Tuesday. YTD, Apollo’s share price had declined 2.95%, although the stock was still 37.01% higher over the last one year.

Ajinomoto (Malaysia) Bhd rose 14 sen or 0.86% to RM16.40 per share, from its last closing price of RM16.26 per share, making it the seventh largest gainer on Bursa on Tuesday. YTD, the counter had risen 3.14%; it was 18.33% higher compared to a year ago. 

Carlsberg Brewery Malaysia Bhd was also another top gainer, up 10 sen or 0.52% to RM19.38, valuing the brewer at RM5.89 billion. The counter was 0.52% higher than its last closing price in 2023, but still 19.59% lower compared to a year ago.

Its competitor Heineken Malaysia Bhd, meanwhile, closed at RM24.88 per share, 20 sen or 0.81% higher than the closing price on Monday. YTD, the counter had gained 3.07%, although it was still 15.49% lower than a year ago.

Analysts have nine "buy" ratings and two "hold" for Heineken, with a 12-month average TP of RM28.44.

In its latest sector update report on Jan 30, RHB Research named Heineken ("buy"; TP: RM30) as its top pick because of undemanding valuations and the company's cumulative 6% dividend yield, backed by relatively inelastic demand for its products.