Technical Outlook

Breakout from bottoming pattern. Price was well supported above the 12.70-12.98 support zone and experienced a breakout, indicating a share price bottoming pattern, with the next resistance levels seen at 14.96, 15.98 and 16.98. A break below the 12.70-12.98 support zone would invalidate the setup.   

Trading Catalysts 

• Tourism recovery and domestic consumption catalysts. Given the extension of Visit Malaysia 2026 into 2027 and anticipated stronger domestic beer consumption spending ahead of the year-end holidays and Chinese New Year, we believe these will act as near-term catalysts for HEIM. 
• Completion of distributor inventory normalisation. Following a prolonged destocking cycle that weighed on 1H26 and 3Q26 sales volumes, HEIM management indicated that inventory adjustments across distributors and retail channels are substantially complete and expected to wrap up by 4Q26, allowing sell-in shipments to realign with underlying consumer offtake. 
• Singapore production shift and regional export upside. HEIM is gradually shifting production from Singapore to Malaysia and Vietnam. HEIM is investing in a new bottling line to support the transfer. Initial shipments to Singapore began in August 2026, and HEIM expects the full impact of the transition by 3Q2027.