Company Coverage
Carlsberg Brewery Malaysia (CAB MK) 2Q26: In Line; Expecting Full Excise Impact In 2H26
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
RM14.46
RM21.10
45.9%
RM21.50
Analyst
Highlights
- 1H26 results met expectations, posting minor earnings growth as the price hike offset lower volumes
- The Malaysian segment remained robust while Singapore earnings were hit by unfavorable forex and a reclassification of export sales.
- However, the impact of the excise increase was likely softened by festive discount campaigns, and its effect may only be fully felt in 2H26.
- We trim our earnings by 1%/2%/2% for 2026-28 respectively, imputing lower sales volume partially offset by the higher ASPs.
Analysis
- 1H26 within expectations. Carlsberg Brewery Malaysia (Carlsberg) reported 1H26 net profit of RM182.0m (+2.8% yoy). This broadly met expectations, accounting for 48% of our and 47% of consensus full-year forecasts. A 21 sen interim dividend was announced, bringing the total for the year to 45 sen (1H25: 43 sen).
Highlights
- 1H26 results met expectations, posting minor earnings growth as the price hike offset lower volumes
- The Malaysian segment remained robust while Singapore earnings were hit by unfavorable forex and a reclassification of export sales.
- However, the impact of the excise increase was likely softened by festive discount campaigns, and its effect may only be fully felt in 2H26.
- We trim our earnings by 1%/2%/2% for 2026-28 respectively, imputing lower sales volume partially offset by the higher ASPs.
Analysis
- 1H26 within expectations. Carlsberg Brewery Malaysia (Carlsberg) reported 1H26 net profit of RM182.0m (+2.8% yoy). This broadly met expectations, accounting for 48% of our and 47% of consensus full-year forecasts. A 21 sen interim dividend was announced, bringing the total for the year to 45 sen (1H25: 43 sen).
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
RM14.46
RM21.10
45.9%
RM21.50
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at the following link: this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
