Retail – Notes – [NON-RATED] – Minimarts drive the growth

In 2Q25, we see the consumer demand generally stayed flat compared to 1Q25. In 2H25F, we think minimarts would continue to be the spotlight that drive the growth of the retail sector. All in all, we expect that retailers would be able to maintain what they have done in 1H25 but not a strong lift up due to the slow recovery in consumer demand.