Raising TP. Carlsberg achieved a commendable full-year 2011 core net profit of RM154.1m (+15.7% YoY). Results were in line with our forecast but below (-7.3%) consensus. Its Singapore subsidiary was the key earnings contributor on improved margins. 2011 dividend payout has risen to above 100% and we raise our 2012-13 assumption to 98%. We upgrade Carlsberg to a Buy, with a raised DCF-based TP of RM10.20, on the positive developments at its foreign operations.

Maybank Research 27 Feb 2012

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