[%Jxoc%] 
Research by RHB
Buy – TP of MYR 22.20

“A Strong Start To FY24F; Stay BUY” 

Carlsberg Brewery’s 1Q24 results met expectations on festive demand and cost discipline. Steady margin underpinned by its premiumisation strategy and price increases will be the main earnings growth driver as consumer sentiment is likely to remain subdued on elevated inflationary pressures. Its current valuation is undemanding considering the diminished regulatory risks with the political stability as well as decent dividend yield.

Analyst(s):
Soong Wei Siang
[%GSTm%]

$KLSE-CARLSBG 
Research by RHB
Buy – TP of MYR 22.20

“A Strong Start To FY24F; Stay BUY” 

Carlsberg Brewery’s 1Q24 results met expectations on festive demand and cost discipline. Steady margin underpinned by its premiumisation strategy and price increases will be the main earnings growth driver as consumer sentiment is likely to remain subdued on elevated inflationary pressures. Its current valuation is undemanding considering the diminished regulatory risks with the political stability as well as decent dividend yield.

Analyst(s):
Soong Wei Siang
soong.wei.siang@rhbgroup.com

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)