[%RlVZ%] Carlsberg Brewery Malaysia
Research by HLIB
HOLD ; Target Price: RM22.70 ;  upside -5.6% 

"Fresh brews have arrived"
Carlsberg’s reported 2Q19 core PATAMI of RM66.6m (QoQ: -25.3%, YoY: +1.4%) brought 1H19 core PATAMI to RM155.8m (YoY: +6.6%). This formed 51.4% and 51.6% of ours and consensus estimates. We keep forecasts unchanged as earnings were in line. We maintain our HOLD call and TP of RM22.70 based on DCF valuation methodology (WACC: 7.8%; TG: 3.0%). 
 
Gan Huan Wen
[%HTBy%]
(603) 2083 1726 

$KLSE-CARLSBG Carlsberg Brewery Malaysia
Research by HLIB
HOLD ; Target Price: RM22.70 ;  upside -5.6% 

"Fresh brews have arrived"
Carlsberg’s reported 2Q19 core PATAMI of RM66.6m (QoQ: -25.3%, YoY: +1.4%) brought 1H19 core PATAMI to RM155.8m (YoY: +6.6%). This formed 51.4% and 51.6% of ours and consensus estimates. We keep forecasts unchanged as earnings were in line. We maintain our HOLD call and TP of RM22.70 based on DCF valuation methodology (WACC: 7.8%; TG: 3.0%). 
 
Gan Huan Wen
hwgan@hlib.hongleong.com.my
(603) 2083 1726 

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)