KUALA LUMPUR: Apex Securities Bhd sees further expansion opportunities for 99 Speed Mart Retail Holdings Bhd in under-penetrated markets, alongside same-store sales growth.
The stockbroking firm noted that 99 Speed Mart operated 3,151 outlets as at June 30, 2026, up from 2,024 in the financial year ended Dec 31, 2021 (FY2021). The mini market operator's management has a 250-outlet annual target, aiming for 4,250 outlets by 2030.
Its footprint remains concentrated in the Klang Valley, with Selangor accounting for 854 of the 3,032 outlets at end-2025, followed by Johor at 443, Apex Security said in a research note today.
"New outlets typically break even in under three years and take three to five years to mature, providing an additional source of revenue growth as the network expands. We forecast 3,292/3,542/3,792/4,032 outlets in financial years ending Dec 31, 2026-2029," Apex Securities said.
