Carlsberg

Carlsberg

Postby winston » Mon Feb 24, 2020 10:42 am

not vested

Carlsberg Brewery Malaysia(CAB MK)
Share Price: MYR38.94
Target Price: MYR27.70
Recommendation: Sell

D/G to SELL on demanding valuations

CAB’s 4Q19 core net profit was in line with our/consensus estimates.

Industry volume growth should slow given ongoing weak consumer sentiment and softer demand resulting from the COVID-19 outbreak.

At 36x FY20 PER, CAB currently trades at overvalued valuations of c.+4SD to its LT PER mean of 18x with a dividend yield of c.3%.

We D/G the stock to SELL with an unchanged DCF-TP of MYR27.70 (WACC: 8%, LT growth: 2.5%).

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 3f3c5f.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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