Bursa Malaysia Stock Watch

Carlsberg: Maintain Buy - Time For a Carlsberg; Raising TP

kltrader
Publish date: Wed, 29 Aug 2012, 09:34 AM
kltrader
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  • Maintain BUY. Carlsberg's 2Q12 net profit of MYR37.7m made up 50.9% of our and consensus FY12 forecasts. We are, however, raising our FY12-14 earnings estimates by 4-8%, to reflect margin expansion from increasing Singapore contributions and an improving local production mix tilted towards premium beers.
  • We raise our DCF-based TP to MYR13.50 (from MYR12.00; +13%), which implies a still -decent FY13 net dividend yield of 4.8%.
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Source: Maybank Research - 29 August 2012
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