Broker Name: Maybank Investment Bank Berhad
Date of Report: April 17, 2026
Ticker: CAB MK

Excerpt from Maybank Investment Bank Berhad report.

Report Summary

• Action: Maintain BUY
• Target Price: MYR 23.40 (previously MYR 24.40; upside of +46%)
• Key Highlights:
  • Sales momentum remains supported by festive spending, especially around Chinese New Year, expected to lift 1Q26 volumes.
  • Geopolitical tensions in the Middle East are not having a meaningful immediate impact on logistics or fuel costs, though costs for aluminium and shrink film are starting to rise.
  • FY26E-FY28E earnings estimates are lowered by 3-4% due to reduced industry volume growth assumptions and higher sales/distribution costs.
  • Singapore demand remains weak due to heightened competition.
  • Attractive dividend yield of approximately 7% is expected to continue.
  • Carlsberg Brewery Malaysia operates in a duopoly with strong brands and stable margins. The group continues to manage cost pressures and focus on efficiency.
• Implications:
  • Investors are advised to maintain positions or consider accumulating on dips, as the stock offers high dividend yield and a significant upside to the revised target price.
  • Main risks include prolonged geopolitical conflict, rising input costs, and weak demand in Singapore.

Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website : www.maybank.com/investment-banking