足球免费推介:Beer sales expected to pick up for Carlsberg in 4Q
KUALA LUMPUR: Off the back of a strong third-quarter performance, Carlsberg Brewery Malaysia Bhd is expected to put in a commendable fourth quarter result amid strong foreign tourist arrivals, and sporting events such as the 2022 Fifa World Cup and Singapore Grand Prix.
Hong Leong Investment Bank (HLIB) Research, which said the recent 8M22 core net profit announcement exceeded both its and consensus expectations, said it is pencilling in a higher sales volume assumption and average selling price for the brewer.
"Post-earnings adjustment, Our TP is subsequently raised to RM30.77 (from RM28.88 previously), implying a PE valuation of 27.8x (at its 5-year mean) on its FY23f EPS of 112.7 sen," it said, while maintaining a "buy" recommendation.,
HLIB said it is also bullish on Carlsberg as the depreciating ringgit is expected to continue lifting its export sales, which represents about 30% of total group sales.
Additionally, the rate of exhchange is also expected to hedge the group's higher raw material costs.
"We are also not overly concerned about the potential demand erosion following Carlsberg raising its beer prices on 1 July, considering that beer remains the cheapest alcoholic drink in the market, thus relatively inelastic demand.
"Separately, we applaud the government initiatives oncurbing alcohol smuggling in Budget 2023, which is a boon to brewers whose sales have been cannibalized by the illicit," said the research firm.
Telegram美国群（www.tel8.vip）是一个Telegram群组分享平台。Telegram美国群包括Telegram美国群、Telegram群组索引、Telegram群组导航、新加坡Telegram群组、Telegram中文群组、Telegram群组（其他）、Telegram 美国 群组、Telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。Telegram美国群为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。