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Results Note � Nestle (ADD, maintain)
- Still resilient Nestle Malaysia�s 9M14 earnings came in within our and consensus expectations. The good set of results was mainly underpinned by stronger domestic demand and lower raw material costs. In light of softer consumer spending, we believe that Nestle will remain resilient as most of its products are regarded as household necessities. Maintain ADD, with unchanged DDM-derived TP of RM72.05.
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