[%dWlw%] 
Research by HLIB
BUY– TP RM30.12

" Sapporo gaining traction”

Carlsberg reported 1H24 core PATAMI of RM170.7m (-1.2% YoY) which aligned with our/consensus expectations at 50%/51%. Notably, the Sapporo brand that launched earlier this year has gained strong traction and is now larger than its predecessor Asahi in Malaysia. The brand is also performing well in the Singapore market, although it has yet to fully recover the volume lost from Asahi’s delisting due to Asahi’s larger market share there. The share profit from Lion Brewery surged by 59.4% YTD. Maintain BUY with an unchanged TP of RM30.12 

Analyst:
Sam Jun Kit
[%QlVu%]

$KLSE-CARLSBG 
Research by HLIB
BUY– TP RM30.12

" Sapporo gaining traction”

Carlsberg reported 1H24 core PATAMI of RM170.7m (-1.2% YoY) which aligned with our/consensus expectations at 50%/51%. Notably, the Sapporo brand that launched earlier this year has gained strong traction and is now larger than its predecessor Asahi in Malaysia. The brand is also performing well in the Singapore market, although it has yet to fully recover the volume lost from Asahi’s delisting due to Asahi’s larger market share there. The share profit from Lion Brewery surged by 59.4% YTD. Maintain BUY with an unchanged TP of RM30.12 

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

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)