六、买入点与卖出点参考（技术面）

⚠️ 以下为基于公开数据的技术面客观呈现，不构成任何投资建议。

阻力位（卖出参考区域）：

· 33.00 - 33.80：52周高点33.80为强阻力，突破需显著放量
· 34.00：分析师平均目标价，同时也是心理关口

支撑位（买入参考区域）：

· 32.20 - 32.50：近期成交密集区
· 31.00 - 31.50：50日均线附近（参考前期平台）
· 26.10：52周低点，强支撑

量价信号：

· 当前缩量横盘（日均仅2.6万股），方向不明
· 需关注季报发布前后的放量突破信号
· 低流动性下，买卖价差较大，进出场需注意滑点成本

七、核心风险提示

1. 原材料成本压力：公司明确预警乳制品原料价格预计将大幅上涨，尤其是2026年下半年，将直接挤压生产成本和利润率。
2. 地缘政治与汇率风险：中东冲突影响供应链与能源成本；汇率波动仍是重要营运风险。
3. 低流动性风险：日均成交量极低（~2.6万股），大额交易可能引发显著价格波动。
4. 增长天花板：2024年全年营收仅微增0.2%，市场趋于饱和、竞争激烈。
5. 机构下调评级：BIMB证券已从"买入"降级至"持有"，反映短期上行空间有限。

we foresee a valuation rerating ahead when DLM starts to deliver steady earnings growth – supported by the progressive contributions from the Bandar Enstek plant. DLM should also be an appealing proposition to yield-seekers given our anticipation of higher payout ahead. Ascribing a P/E multiple range of 18-20x, which is in line with Fraser & Neave’s (FNH MK, NR) forward valuation but at a discount to Farm Fresh’s (FFB MK, BUY, TP: MYR3.06), we value DLM at MYR46.40-51.60.

Source: RHB Securities

Ascribing a P/E multiple range of 18-20x, which is in line with Fraser & Neave’s (FNH MK, NR) forward valuation but at a discount to Farm Fresh’s (FFB MK, BUY, TP: MYR3.06), RHB research value DLM at MYR46.40-51.60.

Dutch Lady Milk Industries - Returning To Its Nourishing Best

Investment Merits

Undemanding valuation for a dominant household dairy name with strong brand equity amid steadily rising dairy consumption

Resumption of earnings growth after the complete transition to new production facilities

Exciting potential of the Bandar Enstek plant in expanding total addressable markets and uplifting operational efficiency

Moderated capex and deleveraged balance sheet supporting higher dividend payout fo