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CARL

Carlsberg Brewery Malaysia Berhad KLSE:CARLSBG Stock Report

Last Price

RM23.28

Market Cap

RM7.1b

7D

2.2%

1Y

9.4%

Updated

13 Aug, 2022

Data

Company Financials +
CARLSBG fundamental analysis
Snowflake Score
Valuation1/6
Future Growth4/6
Past Performance5/6
Financial Health4/6
Dividends2/6

CARLSBG Stock Overview

Carlsberg Brewery Malaysia Berhad, together with its subsidiaries, produces, markets, imports, distributes, and sells beer, stout, cider, shandy, liquor, and non-alcoholic beverages primarily in Malaysia, Singapore, and internationally.

Carlsberg Brewery Malaysia Berhad Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Carlsberg Brewery Malaysia Berhad
Historical stock prices
Current Share PriceRM23.28
52 Week HighRM23.30
52 Week LowRM19.32
Beta0.51
1 Month Change6.11%
3 Month Change5.44%
1 Year Change9.40%
3 Year Change-2.76%
5 Year Change56.87%
Change since IPO773.00%

Recent News & Updates

Jun 22
Carlsberg Brewery Malaysia Berhad (KLSE:CARLSBG) Has A Rock Solid Balance Sheet

Carlsberg Brewery Malaysia Berhad (KLSE:CARLSBG) Has A Rock Solid Balance Sheet

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...

May 27
Calculating The Fair Value Of Carlsberg Brewery Malaysia Berhad (KLSE:CARLSBG)

Calculating The Fair Value Of Carlsberg Brewery Malaysia Berhad (KLSE:CARLSBG)

How far off is Carlsberg Brewery Malaysia Berhad ( KLSE:CARLSBG ) from its intrinsic value? Using the most recent...

Shareholder Returns

CARLSBGMY BeverageMY Market
7D2.2%2.5%0.2%
1Y9.4%1.5%-3.5%

Return vs Industry: CARLSBG exceeded the MY Beverage industry which returned 1.5% over the past year.

Return vs Market: CARLSBG exceeded the MY Market which returned -3.5% over the past year.

Price Volatility

Is CARLSBG's price volatile compared to industry and market?
CARLSBG volatility
CARLSBG Average Weekly Movement2.2%
Beverage Industry Average Movement2.8%
Market Average Movement5.5%
10% most volatile stocks in MY Market11.7%
10% least volatile stocks in MY Market2.7%

Stable Share Price: CARLSBG is less volatile than 75% of MY stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: CARLSBG's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1969600Stefano Clinihttps://www.carlsbergmalaysia.com.my

Carlsberg Brewery Malaysia Berhad, together with its subsidiaries, produces, markets, imports, distributes, and sells beer, stout, cider, shandy, liquor, and non-alcoholic beverages primarily in Malaysia, Singapore, and internationally. It offers its products primarily under the Carlsberg, Carlsberg Smooth Draught, Carlsberg Danish Pilsner, Carlsberg Special Brew, SKOL, Jolly Shandy, and Nutrimalt brands, as well as under the 1664 Blanc, Danish Royal Stout, 1664 Rosé, Asahi Super Dry, Somersby, Connor’s Stout Porter, and Brooklyn brands. The company was incorporated in 1969 and is based in Shah Alam, Malaysia.

Carlsberg Brewery Malaysia Berhad Fundamentals Summary

How do Carlsberg Brewery Malaysia Berhad's earnings and revenue compare to its market cap?
CARLSBG fundamental statistics
Market CapRM7.12b
Earnings (TTM)RM226.12m
Revenue (TTM)RM1.89b

31.5x

P/E Ratio

3.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CARLSBG income statement (TTM)
RevenueRM1.89b
Cost of RevenueRM1.34b
Gross ProfitRM554.75m
Other ExpensesRM328.63m
EarningsRM226.12m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 19, 2022

Earnings per share (EPS)0.74
Gross Margin29.28%
Net Profit Margin11.93%
Debt/Equity Ratio18.9%

How did CARLSBG perform over the long term?

See historical performance and comparison

Dividends

3.8%

Current Dividend Yield

105%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is CARLSBG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CARLSBG?

Other financial metrics that can be useful for relative valuation.

CARLSBG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3.7x
Enterprise Value/EBITDA21x
PEG Ratio2.4x

Price to Earnings Ratio vs Peers

How does CARLSBG's PE Ratio compare to its peers?

CARLSBG PE Ratio vs Peers
The above table shows the PE ratio for CARLSBG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average16.6x
HEIM Heineken Malaysia Berhad
21.3x7.1%RM7.4b
F&N Fraser & Neave Holdings Bhd
24.8x13.4%RM8.5b
GENP Genting Plantations Berhad
12.2x-20.5%RM5.9b
FGV FGV Holdings Berhad
3.5x-41.4%RM5.5b
CARLSBG Carlsberg Brewery Malaysia Berhad
31.5x13.0%RM7.1b

Price-To-Earnings vs Peers: CARLSBG is expensive based on its Price-To-Earnings Ratio (31.5x) compared to the peer average (16.6x).


Price to Earnings Ratio vs Industry

How does CARLSBG's PE Ratio compare vs other companies in the Asian Beverage Industry?

Price-To-Earnings vs Industry: CARLSBG is expensive based on its Price-To-Earnings Ratio (31.5x) compared to the MY Beverage industry average (25.8x)


Price to Earnings Ratio vs Fair Ratio

What is CARLSBG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CARLSBG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio31.5x
Fair PE Ratio22.3x

Price-To-Earnings vs Fair Ratio: CARLSBG is expensive based on its Price-To-Earnings Ratio (31.5x) compared to the estimated Fair Price-To-Earnings Ratio (22.3x).


Share Price vs Fair Value

What is the Fair Price of CARLSBG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CARLSBG (MYR23.28) is trading below our estimate of fair value (MYR27.93)

Significantly Below Fair Value: CARLSBG is trading below fair value, but not by a significant amount.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is Carlsberg Brewery Malaysia Berhad forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


13.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CARLSBG's forecast earnings growth (13% per year) is above the savings rate (3.6%).

Earnings vs Market: CARLSBG's earnings (13% per year) are forecast to grow faster than the MY market (10.5% per year).

High Growth Earnings: CARLSBG's earnings are forecast to grow, but not significantly.

Revenue vs Market: CARLSBG's revenue (6.3% per year) is forecast to grow faster than the MY market (5.3% per year).

High Growth Revenue: CARLSBG's revenue (6.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CARLSBG's Return on Equity is forecast to be very high in 3 years time (136.5%).


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Past Performance

How has Carlsberg Brewery Malaysia Berhad performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-4.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CARLSBG has high quality earnings.

Growing Profit Margin: CARLSBG's current net profit margins (11.9%) are higher than last year (9%).


Past Earnings Growth Analysis

Earnings Trend: CARLSBG's earnings have declined by 4.5% per year over the past 5 years.

Accelerating Growth: CARLSBG's earnings growth over the past year (45.2%) exceeds its 5-year average (-4.5% per year).

Earnings vs Industry: CARLSBG earnings growth over the past year (45.2%) exceeded the Beverage industry -7.8%.


Return on Equity

High ROE: CARLSBG's Return on Equity (81%) is considered outstanding.


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Financial Health

How is Carlsberg Brewery Malaysia Berhad's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CARLSBG's short term assets (MYR423.2M) do not cover its short term liabilities (MYR428.1M).

Long Term Liabilities: CARLSBG's short term assets (MYR423.2M) exceed its long term liabilities (MYR30.3M).


Debt to Equity History and Analysis

Debt Level: CARLSBG has more cash than its total debt.

Reducing Debt: CARLSBG's debt to equity ratio has increased from 0.2% to 18.9% over the past 5 years.

Debt Coverage: CARLSBG's debt is well covered by operating cash flow (549.4%).

Interest Coverage: CARLSBG's interest payments on its debt are well covered by EBIT (131.6x coverage).


Balance Sheet


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Dividend

What is Carlsberg Brewery Malaysia Berhad current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.78%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: CARLSBG's dividend (3.78%) is higher than the bottom 25% of dividend payers in the MY market (2%).

High Dividend: CARLSBG's dividend (3.78%) is low compared to the top 25% of dividend payers in the MY market (4.87%).


Stability and Growth of Payments

Stable Dividend: CARLSBG's dividend payments have been volatile in the past 10 years.

Growing Dividend: CARLSBG's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (105.5%), CARLSBG's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (121.5%), CARLSBG's dividend payments are not well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.6yrs

Average management tenure


CEO

Stefano Clini (56 yo)

2.83yrs

Tenure

RM3,727,611

Compensation

Mr. Stefano Clini has been the Managing Director and Director of Carlsberg Brewery Malaysia Berhad since October 26, 2019. Mr. Clini has overall responsibility for the Carlsberg Malaysia Group, covering it...


CEO Compensation Analysis

Compensation vs Market: Stefano's total compensation ($USD838.42K) is above average for companies of similar size in the MY market ($USD472.98K).

Compensation vs Earnings: Stefano's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: CARLSBG's management team is considered experienced (2.6 years average tenure).


Board Members

Experienced Board: CARLSBG's board of directors are not considered experienced ( 1.1 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Carlsberg Brewery Malaysia Berhad's employee growth, exchange listings and data sources


Key Information

  • Name: Carlsberg Brewery Malaysia Berhad
  • Ticker: CARLSBG
  • Exchange: KLSE
  • Founded: 1969
  • Industry: Brewers
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: RM7.118b
  • Shares outstanding: 305.75m
  • Website: https://www.carlsbergmalaysia.com.my

Number of Employees


Location

  • Carlsberg Brewery Malaysia Berhad
  • No. 55, Persiaran Selangor
  • Section 15
  • Shah Alam
  • Selangor
  • 40200
  • Malaysia

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/13 00:00
End of Day Share Price2022/08/12 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.