Broker: Maybank Investment Bank Berhad
Date of Report: April 17, 2026

Excerpt from Maybank Investment Bank Berhad report.

Report Summary

• Stock Focus: Carlsberg Brewery Malaysia (CAB MK)
• Action: Maintain BUY
• Target Price: MYR 23.40 (previous: MYR 24.40)
• Key Highlights:
  • Sales momentum is expected to be lifted by festive (Chinese New Year) spending in 1Q26, but the outlook is clouded by geopolitical tensions and uncertain consumer spending.
  • Input costs remain stable for now, but costs for aluminium and shrink film are beginning to rise due to the Middle East conflict. The company is proactively managing costs to cushion potential margin pressure.
  • FY26E-FY28E earnings estimates have been lowered by 3-4% due to reduced industry volume growth assumptions and higher sales/distribution costs.
  • Attractive dividend yields of about 7% are maintained.
• Investment Implication: Despite some short-term uncertainties, Maybank IBG maintains a positive view on CAB due to its strong market position, resilient brand portfolio, and attractive dividend yield. The reduced target price reflects a more cautious outlook on earnings growth.

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 website : www.maybank.com/investment-banking