[%pEBe%] 
Research by Maybank
Buy – TP of MYR 21.00

“1Q24: Within expectations” 

CAB’s 1Q24 results met our expectation. We expect sequential earnings to ease given higher product prices and the lack of festivities to drive sales momentum. Improvement in product demand may arise in 2H24 on expectation for better consumer sentiment from financial support measures and potentially higher tourist arrivals. Our FY24E-FY26E earnings estimates are nudged up by +1% p.a. on housekeeping. Maintain BUY with a MYR21.00 DCF-TP (WACC: 8%, LT growth: 3%) with decent DYs of c.5%.

Analyst(s):
Jade Tam
[%AqOB%]

$KLSE-CARLSBG 
Research by Maybank
Buy – TP of MYR 21.00

“1Q24: Within expectations” 

CAB’s 1Q24 results met our expectation. We expect sequential earnings to ease given higher product prices and the lack of festivities to drive sales momentum. Improvement in product demand may arise in 2H24 on expectation for better consumer sentiment from financial support measures and potentially higher tourist arrivals. Our FY24E-FY26E earnings estimates are nudged up by +1% p.a. on housekeeping. Maintain BUY with a MYR21.00 DCF-TP (WACC: 8%, LT growth: 3%) with decent DYs of c.5%.

Analyst(s):
Jade Tam
jade.tam@maybank-ib.com

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)