[%XTRr%] 
Research by CGS
ADD – TP RM22.87

" Improving macro for better outlook”

■ We reiterate our Add call on Carlsberg Malaysia post its 2Q24 results with a higher GGM-derived target price of RM22.87 (previously RM22.70).
■ EPF Account 3 withdrawals, increased tourism, and upcoming civil servant salary increases point to an improved demand outlook in Malaysia.
■ Its FY25F P/E of 15.8x is undemanding vs. its historical trading range and consumer staple peers, with a healthy 5.2% FY24F dividend yield.

Analyst:
Prem JEARAJASINGAM
[%oYtl%]

$KLSE-CARLSBG 
Research by CGS
ADD – TP RM22.87

" Improving macro for better outlook”

■ We reiterate our Add call on Carlsberg Malaysia post its 2Q24 results with a higher GGM-derived target price of RM22.87 (previously RM22.70).
■ EPF Account 3 withdrawals, increased tourism, and upcoming civil servant salary increases point to an improved demand outlook in Malaysia.
■ Its FY25F P/E of 15.8x is undemanding vs. its historical trading range and consumer staple peers, with a healthy 5.2% FY24F dividend yield.

Analyst:
Prem JEARAJASINGAM
prem.jearajasingam@cgsi.com

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)