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.
馬來西亞嘉士伯啤酒廠走上積極的軌道，反映了其24年第二季度業績之後的前景樂觀。該公司將受益於各種宏觀經濟因素，這些因素可能會提高其市場表現。最近的趨勢表明，馬來西亞釀造業最糟糕的時期可能已經過去，嘉士伯爲未來的增長做好了有利的定位。
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.
CGS國際股票經紀公司繼續維持對馬來西亞嘉士伯的看漲期權，這凸顯了該股的估值要求不高，股息收益率誘人。嘉士伯股票的交易價格爲25財年市盈率的15.8倍，處於歷史區間的低端，24財年的股息收益率爲5.1％，提供了一個引人注目的投資機會。收入增長的預期回報和公司的戰略市場定位可能會成爲股價進一步上漲的催化劑。
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.
在24年第二季度，馬來西亞嘉士伯的業績顯示出好轉的跡象。2024年上半年，行業收入同比增長5.1％，超過了2024年4月實施的5％的漲價。這種增長表明行業交易量已轉爲正數，扭轉了2023年全年出現的負面趨勢。嘉士伯和喜力啤酒馬來西亞的分析師表示相信，該行業已經克服了最近的挑戰。嘉士伯的優質日本啤酒札幌在馬來西亞的推出起步強勁，初始銷量超過了之前的產品。但是，由於新加坡的日本啤酒市場競爭激烈，預計新加坡的產品互換將花費更多時間。
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%.
在旅遊業的增長、即將到來的公務員加薪以及額外的現金補助的推動下，馬來西亞啤酒行業的前景仍然樂觀。預計這些因素將推動行業收入在2024年增長5.0％，在2025年增長5.7％，在2026年增長5.1％。隨着 RON95 汽油補貼的縮減，消費者支出可能會增加，從而進一步使該行業受益。根據嘉士伯公佈24季度業績，該公司的核心淨利潤預期已上調24財年0.6％，25財年上調2.2％，26財年上調1.7％。根據通用汽車衍生的估值模型，嘉士伯股票的目標價格已從22.70令吉上調至22.87令吉，投資回報率爲10.5％，COE爲9％，長期增長率爲4％。
Source: CGS
Title: Improving macro for better outlook
資料來源：CGS
標題：改善宏觀經濟以改善前景
譯文內容由第三人軟體翻譯。