[%WGgQ%]
Research by HLIB
Buy (Maintain) – TP RM30.12

“Valuation at happy hour pricing"

Despite the absence of sales from the Asahi brand, Carlsberg's 1Q24 is poised to benefit from multiple tailwinds, including (i) longer CNY sales period compared to FY23; (ii) increased purchases before the price hike; and (iii) expected stronger performance in its Singapore operations amidst the "Swiftonomics" effect. Additionally, we believe that the sales void resulting from the delisting of Asahi will swiftly be filled by the newly-introduced Sapporo brand. We maintain BUY rating with a TP of RM30.12. Given that Carlsberg is trading just 8% away from its 2020 low, we reckon the risk and reward for the stock to be attractive, thus advocate a buy-on-weakness stance.

Analyst:
Sam Jun Kit
[%VRIW%]

$KLSE-CARLSBG
Research by HLIB
Buy (Maintain) – TP RM30.12

“Valuation at happy hour pricing"

Despite the absence of sales from the Asahi brand, Carlsberg's 1Q24 is poised to benefit from multiple tailwinds, including (i) longer CNY sales period compared to FY23; (ii) increased purchases before the price hike; and (iii) expected stronger performance in its Singapore operations amidst the "Swiftonomics" effect. Additionally, we believe that the sales void resulting from the delisting of Asahi will swiftly be filled by the newly-introduced Sapporo brand. We maintain BUY rating with a TP of RM30.12. Given that Carlsberg is trading just 8% away from its 2020 low, we reckon the risk and reward for the stock to be attractive, thus advocate a buy-on-weakness stance.

Analyst:
Sam Jun Kit
jksam@hlib.hongleong.com.my

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)