[%IAMC%]
Research by Maybank
Buy – TP RM21.00

“Weathering through"

CAB’s overall volume growth may be hindered by ongoing challenges in consumer sentiment, but given its recent product price increase and more favourable raw material ASPs, the group has more breathing room to defend margins. Hence, we keep our earnings estimates. Maintain BUY with an unchanged DCF-TP of MYR21.00 (WACC: 8%, LT growth: 3%) with decent FY24E yield of 4.7%.

Analyst:
Jade Tam
[%XxuA%]

$KLSE-CARLSBG
Research by Maybank
Buy – TP RM21.00

“Weathering through"

CAB’s overall volume growth may be hindered by ongoing challenges in consumer sentiment, but given its recent product price increase and more favourable raw material ASPs, the group has more breathing room to defend margins. Hence, we keep our earnings estimates. Maintain BUY with an unchanged DCF-TP of MYR21.00 (WACC: 8%, LT growth: 3%) with decent FY24E yield of 4.7%.

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

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)