[%obIE%] Carlsberg
Research by Affin
HOLD ; Price Target: RM24.60 ; Upside: 2% 

"Double-digit sales momentum"
Carlsberg (CAB) reported a commendable set of 1H19 results which accounted for 51% of both our and the consensus FY19 estimates respectively. Core earnings increased by 5% yoy, as organic sales grew 13% which was attributable to both local and SG operations, offset by higher A&P expenses and an uptick in raw material costs during the period. CAB still looks fairly valued for now, with decent FY19-21E yields of 4.1-4.8%. Maintain HOLD and TP of RM24.60.  
 
 Lester Siew
(603) 2146 7502
[%TJeI%] 

$KLSE-CARLSBG Carlsberg
Research by Affin
HOLD ; Price Target: RM24.60 ; Upside: 2% 

"Double-digit sales momentum"
Carlsberg (CAB) reported a commendable set of 1H19 results which accounted for 51% of both our and the consensus FY19 estimates respectively. Core earnings increased by 5% yoy, as organic sales grew 13% which was attributable to both local and SG operations, offset by higher A&P expenses and an uptick in raw material costs during the period. CAB still looks fairly valued for now, with decent FY19-21E yields of 4.1-4.8%. Maintain HOLD and TP of RM24.60.  
 
 Lester Siew
(603) 2146 7502
lester.siew@affinhwang.com 

$CARLSBG / 2836 (CARLSBERG BREWERY MALAYSIA BERHAD)