Stock Name: CARLSBG
Company Name: CARLSBERG BREWERY MALAYSIA BHD
Research House: MAYBANK
KUALA LUMPUR: CARLSBERG BREWERY MALAYSIA BHD [] shares rose on Thursday, May 12 after its net profit for the first quarter ended March 31, 2011 rose 29.3% to RM48.94 million from RM37.85 million a year ago, due mainly to higher sales during the Chinese New Year.
At 11am, Carlsberg was up 17 sen to RM7.40 with 69,800 shares traded.
Revenue for the quarter rose to RM407.22 million from RM378.46 million. Earnings per share was 16.01 sen while net assets per share was RM2.07.
Maybank IB Research maintained its buy recommendation on Carlsberg and raised its target price to RM8 from RM7.20.
'Valuations are still decent, in our view, with the stock trading at the low-end of -1 standard deviation from its 10-year mean.
'We forecast a 26 sen dividend per shares for 2011, which implies a conservative 52% payout ratio (2-year historical payout: 69%-100%). We do not rule out a special dividend payout this FY, given its net cash of RM44 million as at March 2011,' Maybank IB Research said in a note May 12.
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Company Name: CARLSBERG BREWERY MALAYSIA BHD
Research House: MAYBANK
KUALA LUMPUR: CARLSBERG BREWERY MALAYSIA BHD [] shares rose on Thursday, May 12 after its net profit for the first quarter ended March 31, 2011 rose 29.3% to RM48.94 million from RM37.85 million a year ago, due mainly to higher sales during the Chinese New Year.
At 11am, Carlsberg was up 17 sen to RM7.40 with 69,800 shares traded.
Revenue for the quarter rose to RM407.22 million from RM378.46 million. Earnings per share was 16.01 sen while net assets per share was RM2.07.
Maybank IB Research maintained its buy recommendation on Carlsberg and raised its target price to RM8 from RM7.20.
'Valuations are still decent, in our view, with the stock trading at the low-end of -1 standard deviation from its 10-year mean.
'We forecast a 26 sen dividend per shares for 2011, which implies a conservative 52% payout ratio (2-year historical payout: 69%-100%). We do not rule out a special dividend payout this FY, given its net cash of RM44 million as at March 2011,' Maybank IB Research said in a note May 12.
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