$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)
Research by TA
Buy – TP of MYR 24.50

“1QFY24 Driven by Better Performance in Malaysia”

We maintain Buy on Carlsberg with a revised target price of RM24.50/share (previously: RM22.90/share) post the earnings adjustment and rolling forward our DCF valuation (k: 7.8%, g: 3.0%).

Analyst(s):
Liew Yi Jiet
yjliew@ta.com.my