Worst May Be Over For The Brewing Industry
Worst May Be Over For The Brewing Industry
The outlook for the Malaysian beer industry remains optimistic, bolstered by increasing tourism, upcoming civil servant salary hikes, and additional cash handouts. These factors are expected to drive industry revenue growth by 5.0% in 2024, 5.7% in 2025, and 5.1% in 2026. With the scaling back of RON95 petrol subsidies, consumer spending is likely to rise, further benefiting the sector. Following Carlsberg's 2Q24 results, core net profit estimates for the company have been revised upwards by 0.6% for FY24, 2.2% for FY25, and 1.7% for FY26. The target price for Carlsberg shares has been increased to RM22.87 from RM22.70, based on a GGM-derived valuation model with an ROE of 10.5%, a COE of 9%, and a long-term growth rate of 4%.Carlsberg Brewery Malaysia is on a positive trajectory, reflecting a promising outlook following its 2Q24 results. The company is set to benefit from various macroeconomic factors that are likely to enhance its market performance. Recent trends suggest that the worst may be over for the Malaysian brewing industry, with Carlsberg positioning itself favourably for future growth.
中國銀河啤酒馬來西亞正朝着積極的軌跡發展，反映出其2024年第二季度業績後展望良好。該公司將從各種宏觀經濟因素中獲益，這些因素有可能提升其市場表現。最近的趨勢表明，對於馬來西亞啤酒行業來說，最糟糕的時期可能已經過去，而中國銀河啤酒已經做出了有利於未來增長的位置掌握。
CGS International Stock Broking House continue to maintain an ADD call on Carlsberg Malaysia, highlighting the stock's undemanding valuation and attractive dividend yield. Trading at a 15.8x FY25 P/E ratio, which is at the lower end of its historical range, and offering a FY24 dividend yield of 5.1%, Carlsberg's shares present a compelling investment opportunity. The expected return of revenue growth and the company's strategic market positioning are likely to act as catalysts for further share price appreciation.
中國銀河國際證券公司繼續對中國銀河啤酒馬來西亞保持看漲評級，強調該股票具有不過分的估值和具有吸引力的股息收益率。中國銀河啤酒的股價以15.8倍FY25市盈率交易，處於其歷史區間的較低端，FY24股息收益率達到5.1%，中國銀河啤酒的股票呈現出有吸引力的投資機會。預期的營業收入增長和公司戰略性市場定位有望成爲進一步推動股價上漲的催化劑。
For 2Q24, Carlsberg Malaysia's performance showed signs of a turnaround. Industry revenue growth reached 5.1% year-on-year in the first half of 2024, surpassing the 5% price increase implemented in April 2024. This growth indicates that industry volumes have turned positive, reversing the previous negative trend seen throughout 2023. Analysts from Carlsberg and Heineken Malaysia have expressed confidence that the sector has moved past its recent challenges. The introduction of Sapporo, Carlsberg's premium Japanese beer, has started strong in Malaysia, with initial volumes surpassing those of its previous offerings. The product swap in Singapore, however, is anticipated to take more time due to the competitive Japanese beer market there.
對於2024年第二季度，中國銀河啤酒馬來西亞的業績顯示出好轉的跡象。2024年上半年行業營業收入增長了5.1%，超過了2024年4月實施的5%價格上漲。這種增長表明行業銷量已經轉爲正面，扭轉了2023年的上升趨勢。中國銀河啤酒和喜力啤酒馬來西亞的分析師們對於該行業已經走出最近的挑戰表示了信心。中國銀河啤酒的高級日本啤酒sapporo在馬來西亞開局良好，初始銷量超過其以往的產品。然而，在新加坡的競爭日本啤酒市場上，產品交換預計會需要更多時間。
The outlook for the Malaysian beer industry remains optimistic, bolstered by increasing tourism, upcoming civil servant salary hikes, and additional cash handouts. These factors are expected to drive industry revenue growth by 5.0% in 2024, 5.7% in 2025, and 5.1% in 2026. With the scaling back of RON95 petrol subsidies, consumer spending is likely to rise, further benefiting the sector. Following Carlsberg's 2Q24 results, core net profit estimates for the company have been revised upwards by 0.6% for FY24, 2.2% for FY25, and 1.7% for FY26. The target price for Carlsberg shares has been increased to RM22.87 from RM22.70, based on a GGM-derived valuation model with an ROE of 10.5%, a COE of 9%, and a long-term growth rate of 4%.
馬來西亞啤酒行業前景樂觀，受到日益增長的旅遊業、即將到來的公務員薪資上漲和額外的現金補貼的支持。這些因素預計將推動2024年的行業營業收入增長5.0%、2025年增長5.7%、2026年增長5.1%。隨着RON95汽油補貼的減少，消費者支出有望增加，進一步受益於該板塊。根據GGm推導的估值模型，中國銀河啤酒股票的目標價已從RM22.70升至RM22.87，ROE爲10.5%，COE爲9%，長期增長率4%。
Source: CGS
Title: Improving macro for better outlook
來源：中國銀河
標題：改善宏觀形勢，展望更美好
譯文內容由第三人軟體翻譯。
