Super Group's nascent recovery under threat as operating challenges escalate

Its branded consumer business will disappoint.

Super Group's nascent recovery is under threat from tough operating conditions in its key markets.

According to analysts, the group's branded consumer (BC) segment clocked in a slower-than-expected recovery in Q1, with sales declining 5% year-on-year.

"Whilst there are bright spots in its key markets for its BC segment, we believe overall conditions remain challenging," said UOB Kay Hian analyst Andrew Chow.

He added that despite Super Group's optimistic outlook on its growth prospects, its branded consumer segment will suffer from intense competition in key markets and weak consumer sentiment.

Meanwhile, CIMB analyst Kenneth Ng said that it is "a pity" that the group's consumer division did not sustain the fourth quarter's recovery trends.

“The strategy to navigate tough markets look unchanged, namely: 1) new products and geographies for BC; 2) to roll out botanical herbal extracts and nutritional oil powders to premium-ise its FI offerings; and 3) to roll out liquid glucose syrup solids to control costs. It is the environment that looks tough,” Ng stated.

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