[%TiOm%] 
Research by HLIB
Buy – TP of MYR 30.12

“Record high revenue” 

Carlsberg reported 1Q24 core net profit of RM89.2m (+6.2% QoQ, +3.6% YoY) which aligns with our/consensus expectation, accounting for 27% of full year forecast. As anticipated, 1Q24’s sales was fuelled by the longer CNY sales period and pre-hike sales boost. Additionally, the share profit from Lion Brewery remained resilient. We maintain BUY with an unchanged TP of RM30.12. Considering that Carlsberg is trading just 10% away from its 2020 low, we believe the risk and reward profile for the stock is attractive, thus advocating a buy-onweakness stance.

Analyst(s):
Sam Jun Kit
[%fJGR%]

$KLSE-CARLSBG 
Research by HLIB
Buy – TP of MYR 30.12

“Record high revenue” 

Carlsberg reported 1Q24 core net profit of RM89.2m (+6.2% QoQ, +3.6% YoY) which aligns with our/consensus expectation, accounting for 27% of full year forecast. As anticipated, 1Q24’s sales was fuelled by the longer CNY sales period and pre-hike sales boost. Additionally, the share profit from Lion Brewery remained resilient. We maintain BUY with an unchanged TP of RM30.12. Considering that Carlsberg is trading just 10% away from its 2020 low, we believe the risk and reward profile for the stock is attractive, thus advocating a buy-onweakness stance.

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

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)