Carlsberg Brewery Malaysia Berhad (KLSE:CARLSBG) Shares Could Be 35% Below Their Intrinsic Value Estimate
Jan 09
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Malaysian (KLSE) Beverage Industry Analysis
UpdatedJan 13, 2026
DataAggregated Company Financials
Companies7
- 7D2.4%
- 3M20.5%
- 1Y13.3%
- YTD3.5%
In the last week, the Beverage industry is up 2.4%, with Fraser & Neave Holdings Bhd up 2.5%. This takes the industry's 12 month performance to a gain of 13%. As for the next few years, earnings are expected to grow by 7.9% per annum.
Industry Valuation and Performance
Has the Malaysian Beverage Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 13 Jan 2026 | RM 28.8b | RM 11.5b | RM 1.4b | 19.7x | 20x | 2.5x |
| Thu, 11 Dec 2025 | RM 27.7b | RM 11.5b | RM 1.4b | 19.4x | 19.2x | 2.4x |
| Sat, 08 Nov 2025 | RM 24.6b | RM 11.5b | RM 1.4b | 16.9x | 17.6x | 2.1x |
| Mon, 06 Oct 2025 | RM 24.2b | RM 11.5b | RM 1.4b | 16.4x | 17.3x | 2.1x |
| Wed, 03 Sep 2025 | RM 23.3b | RM 11.5b | RM 1.4b | 14.5x | 16.7x | 2x |
| Fri, 01 Aug 2025 | RM 25.2b | RM 11.5b | RM 1.4b | 15.8x | 17.6x | 2.2x |
| Sun, 29 Jun 2025 | RM 25.9b | RM 11.6b | RM 1.4b | 16.8x | 18.1x | 2.2x |
| Tue, 27 May 2025 | RM 26.3b | RM 11.6b | RM 1.4b | 17.3x | 18.5x | 2.3x |
| Thu, 24 Apr 2025 | RM 25.3b | RM 11.7b | RM 1.5b | 17.1x | 17.4x | 2.2x |
| Sat, 22 Mar 2025 | RM 24.3b | RM 11.7b | RM 1.5b | 16.4x | 16.8x | 2.1x |
| Mon, 17 Feb 2025 | RM 26.1b | RM 11.6b | RM 1.5b | 17.8x | 17.8x | 2.2x |
| Wed, 15 Jan 2025 | RM 25.5b | RM 11.5b | RM 1.4b | 17.8x | 17.9x | 2.2x |
| Fri, 13 Dec 2024 | RM 25.8b | RM 11.5b | RM 1.4b | 17.8x | 18.1x | 2.3x |
| Sun, 10 Nov 2024 | RM 24.8b | RM 11.3b | RM 1.4b | 17.7x | 18x | 2.2x |
| Tue, 08 Oct 2024 | RM 26.0b | RM 11.2b | RM 1.4b | 18.6x | 18.4x | 2.3x |
| Thu, 05 Sep 2024 | RM 25.3b | RM 11.2b | RM 1.4b | 18.3x | 17.9x | 2.3x |
| Sat, 03 Aug 2024 | RM 24.9b | RM 11.2b | RM 1.4b | 17x | 17.5x | 2.2x |
| Mon, 01 Jul 2024 | RM 25.6b | RM 11.2b | RM 1.4b | 17.3x | 18.3x | 2.3x |
| Wed, 29 May 2024 | RM 26.9b | RM 11.2b | RM 1.4b | 18x | 19.3x | 2.4x |
| Fri, 26 Apr 2024 | RM 25.8b | RM 10.9b | RM 1.3b | 17.2x | 19.6x | 2.4x |
| Sun, 24 Mar 2024 | RM 24.9b | RM 10.9b | RM 1.3b | 17x | 18.8x | 2.3x |
| Tue, 20 Feb 2024 | RM 25.2b | RM 11.0b | RM 1.3b | 17.7x | 19.1x | 2.3x |
| Thu, 18 Jan 2024 | RM 25.2b | RM 10.9b | RM 1.3b | 18.5x | 19.1x | 2.3x |
| Sat, 16 Dec 2023 | RM 24.2b | RM 10.9b | RM 1.3b | 17.8x | 18.4x | 2.2x |
| Mon, 13 Nov 2023 | RM 24.6b | RM 11.1b | RM 1.3b | 17.2x | 18.4x | 2.2x |
| Wed, 11 Oct 2023 | RM 24.3b | RM 11.0b | RM 1.3b | 18.1x | 18.6x | 2.2x |
| Fri, 08 Sep 2023 | RM 24.1b | RM 11.0b | RM 1.3b | 17.3x | 18.5x | 2.2x |
| Sun, 06 Aug 2023 | RM 24.8b | RM 11.1b | RM 1.3b | 18.5x | 19.1x | 2.2x |
| Tue, 04 Jul 2023 | RM 25.1b | RM 10.9b | RM 1.3b | 19.1x | 19.4x | 2.3x |
| Thu, 01 Jun 2023 | RM 25.0b | RM 10.9b | RM 1.3b | 18.7x | 19.3x | 2.3x |
| Sat, 29 Apr 2023 | RM 26.2b | RM 10.7b | RM 1.3b | 19.9x | 20.2x | 2.4x |
| Mon, 27 Mar 2023 | RM 25.2b | RM 10.7b | RM 1.3b | 18.9x | 19.5x | 2.3x |
| Wed, 22 Feb 2023 | RM 27.1b | RM 10.6b | RM 1.3b | 20.3x | 20.8x | 2.6x |
| Fri, 20 Jan 2023 | RM 25.2b | RM 10.4b | RM 1.2b | 19.7x | 21.1x | 2.4x |
Price to Earnings Ratio
21.1x
Current Industry PE
- Investors are relatively neutral on the Malaysian Beverage industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 18.6x.
- The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
- The earnings for companies in the Beverage industry have grown 6.5% per year over the last three years.
- Revenues for these companies have grown 3.3% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Malaysian Consumer Staples industry?
| MY Market | 1.63% | |
| Consumer Staples | 3.38% | |
| Beverage | 2.39% | |
| Soft Drinks | 2.68% | |
| Brewers | 2.02% | |
| Distillers and Wine Makers | 0% | 0 |
Industry PE
- Investors are most optimistic about the Soft Drinks industry which is trading above its 3-year average PE ratio of 19.1x.
- Analysts are expecting annual earnings growth of 11.3%, which is higher than its past year's earnings growth of 2.6% per year.
Forecasted Growth
- Analysts are most optimistic on the Soft Drinks industry, expecting annual earnings growth of 11% over the next 5 years.
- This is better than its past earnings growth rate of 2.6% per year.
- In contrast, the Brewers industry is expected to see its earnings grow by 3.3% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| SPRITZER Spritzer Bhd | RM 3.02 | 11.4% +RM 198.8m | 100.7% | PE22.9x | |
| CARLSBG Carlsberg Brewery Malaysia Berhad | RM 17.24 | 1.3% +RM 67.3m | -15.2% | PE14.7x | |
| LWSABAH Life Water Berhad | RM 1.57 | 3.3% +RM 23.7m | 77.4% | PE23.3x | |
| HEIM Heineken Malaysia Berhad | RM 22.98 | 0.2% +RM 12.1m | -6.2% | PE15.1x | |
| PWROOT Power Root Berhad | RM 1.21 | 0.8% +RM 4.2m | -18.8% | PE18x |
