Consumer sector faces mixed prospects despite brighter FY25F outlook

It cited SSG and THBEV as top picks, with potential upside driven by improved revenue momentum.

The consumer sector maintains a neutral outlook for FY25F, with mixed earnings prospects, CGS International (CGSI) said.

While consumption softness was observed in 3Q24, CGSI said the outlook for 2025F appears incrementally better.

It cited top picks include SSG and THBEV, with potential upside driven by improved revenue momentum and better-than-expected margins from prudent cost control, though higher SG&A spending could weigh on profitability.

CGSI said margins present a mixed picture, with THBEV’s gross profit margin expected to improve by 80bps YoY to 31.1% in FY25F due to lower raw material costs. Delfi faces risks to margins from elevated cocoa prices.

Among retailers, CGSI identified SSG as its top pick, citing robust store openings expected to drive revenue growth of 4.4%/4.8% YoY in FY24F/25F (vs. 2.1% in FY23).

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia