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

• 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%.

Click here for full report

Source: Maybank Research - 29 August 2012