[%aefs%] 
Research by Maybank
BUY – TP RM 21.00

" 2Q24: In-line”

CAB’s 2Q24 results met our expectations. Sales volume in sequential quarters may remain subdued until consumer spending picks up towards the year-end. Following CAB’s price adjustment in Apr 2024, it also has more room to defend margins if input costs unexpectedly increase in 2H24. Our earnings estimates, BUY call and DCF-TP of MYR21.00 (WACC: 8%, LT: 3%) are unchanged with decent yields of 5+%.

Analyst:
Jade Tam
[%pDOa%]

$KLSE-CARLSBG 
Research by Maybank
BUY – TP RM 21.00

" 2Q24: In-line”

CAB’s 2Q24 results met our expectations. Sales volume in sequential quarters may remain subdued until consumer spending picks up towards the year-end. Following CAB’s price adjustment in Apr 2024, it also has more room to defend margins if input costs unexpectedly increase in 2H24. Our earnings estimates, BUY call and DCF-TP of MYR21.00 (WACC: 8%, LT: 3%) are unchanged with decent yields of 5+%.

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

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)