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Research by RHB
BUY– TP RM22.20

" Premiumisation – The Name Of The Game; Keep BUY”

Carlsberg Brewery’s 1H24 results were within expectations on solid topline growth momentum. Demand stickiness, rising tourist arrivals, and price increases should sustain the earnings momentum going forward, on top of the strengthening MYR and continuous clampdown on illicit trades. With that, the current valuation looks undemanding, at -1.5SD from its 5-year mean considering the solid earnings delivery notwithstanding the subdued consumer sentiment, diminished regulatory risks with the political stability, and generous dividend payout. 

Analyst:
Soong Wei Siang
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$KLSE-CARLSBG
Research by RHB
BUY– TP RM22.20

" Premiumisation – The Name Of The Game; Keep BUY”

Carlsberg Brewery’s 1H24 results were within expectations on solid topline growth momentum. Demand stickiness, rising tourist arrivals, and price increases should sustain the earnings momentum going forward, on top of the strengthening MYR and continuous clampdown on illicit trades. With that, the current valuation looks undemanding, at -1.5SD from its 5-year mean considering the solid earnings delivery notwithstanding the subdued consumer sentiment, diminished regulatory risks with the political stability, and generous dividend payout. 

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

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)