Carlsberg Brewery Malaysia Berhad

KLSE:CARLSBG Stock Report

Market Cap: RM 6.1b

Carlsberg Brewery Malaysia Berhad Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

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.

Discounted Cash Flow
Simply Wall St
RM 28.11
Fair Value
29.2% undervalued intrinsic discount
8
Number of Analysts

Below Fair Value: CARLSBG (MYR19.9) is trading below our estimate of fair value (MYR28.11)

Significantly Below Fair Value: CARLSBG is trading below fair value by more than 20%.

Key Valuation Metric

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

Key metric: As CARLSBG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CARLSBG. This is calculated by dividing CARLSBG's market cap by their current earnings.
What is CARLSBG's PE Ratio?
PE Ratio18.1x
EarningsRM 336.32m
Market CapRM 6.08b

Price to Earnings Ratio vs Peers

How does CARLSBG's PE Ratio compare to its 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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.7x
HEIM Heineken Malaysia Berhad
17.4x3.2%RM 7.4b
F&N Fraser & Neave Holdings Bhd
17.3x6.9%RM 9.4b
GENP Genting Plantations Berhad
18.9x7.0%RM 5.2b
GCB Guan Chong Berhad
21.3x14.7%RM 4.9b
CARLSBG Carlsberg Brewery Malaysia Berhad
18.1x6.4%RM 6.1b

Price-To-Earnings vs Peers: CARLSBG is good value based on its Price-To-Earnings Ratio (18.1x) compared to the peer average (18.7x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CARLSBG 18.1xIndustry Avg. 17.3xNo. of Companies20PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CARLSBG is expensive based on its Price-To-Earnings Ratio (18.1x) compared to the Asian Beverage industry average (17.3x).

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 Ratio18.1x
Fair PE Ratio14.7x

Price-To-Earnings vs Fair Ratio: CARLSBG is expensive based on its Price-To-Earnings Ratio (18.1x) compared to the estimated Fair Price-To-Earnings Ratio (14.7x).

Analyst Price Targets

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

The above table shows the analyst CARLSBG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRM 19.90
RM 24.49
+23.1%
10.5%RM 31.08RM 22.87n/a8
Jan ’26RM 20.66
RM 24.49
+18.6%
10.5%RM 31.08RM 22.87n/a8
Dec ’25RM 20.92
RM 24.49
+17.1%
10.5%RM 31.08RM 22.87n/a8
Nov ’25RM 19.60
RM 23.78
+21.3%
11.4%RM 30.12RM 21.00n/a8
Oct ’25RM 19.78
RM 23.78
+20.2%
11.4%RM 30.12RM 21.00n/a8
Sep ’25RM 19.20
RM 23.35
+21.6%
12.1%RM 30.12RM 20.05n/a9
Aug ’25RM 18.62
RM 23.24
+24.8%
12.8%RM 30.12RM 19.95n/a9
Jul ’25RM 18.84
RM 23.24
+23.3%
12.8%RM 30.12RM 19.95n/a9
Jun ’25RM 19.80
RM 23.24
+17.4%
12.8%RM 30.12RM 19.95n/a9
May ’25RM 18.68
RM 23.25
+24.4%
11.6%RM 30.31RM 19.95n/a10
Apr ’25RM 18.48
RM 23.41
+26.7%
10.8%RM 30.31RM 21.00n/a10
Mar ’25RM 18.98
RM 23.82
+25.5%
11.4%RM 30.31RM 21.00n/a10
Feb ’25RM 19.24
RM 24.40
+26.8%
11.7%RM 30.31RM 20.96n/a10
Jan ’25RM 19.28
RM 24.40
+26.6%
11.7%RM 30.31RM 20.96RM 20.6610
Dec ’24RM 19.00
RM 24.40
+28.4%
11.7%RM 30.31RM 20.96RM 20.9210
Nov ’24RM 19.82
RM 24.59
+24.1%
11.7%RM 30.77RM 21.30RM 19.6011
Oct ’24RM 20.00
RM 24.52
+22.6%
11.2%RM 30.77RM 21.30RM 19.7811
Sep ’24RM 20.10
RM 24.66
+22.7%
10.8%RM 30.77RM 21.30RM 19.2012
Aug ’24RM 21.00
RM 24.94
+18.7%
11.5%RM 30.77RM 21.40RM 18.6212
Jul ’24RM 20.36
RM 24.56
+20.6%
12.4%RM 30.77RM 20.00RM 18.8413
Jun ’24RM 20.98
RM 25.03
+19.3%
13.1%RM 30.77RM 20.00RM 19.8013
May ’24RM 21.14
RM 25.42
+20.2%
12.1%RM 30.77RM 20.00RM 18.6813
Apr ’24RM 21.54
RM 25.50
+18.4%
11.6%RM 30.77RM 21.00RM 18.4813
Mar ’24RM 22.58
RM 25.57
+13.2%
11.3%RM 30.77RM 21.00RM 18.9813
Feb ’24RM 23.54
RM 26.59
+12.9%
12.0%RM 30.77RM 21.00RM 19.2413
Jan ’24RM 22.88
RM 26.40
+15.4%
15.6%RM 30.77RM 16.00RM 19.2812
Analyst Price Target
Consensus Narrative from 8 Analysts
RM 24.49
Fair Value
18.8% undervalued intrinsic discount
8
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/29 21:06
End of Day Share Price 2025/01/28 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Carlsberg Brewery Malaysia Berhad is covered by 24 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Pei WongAffin Hwang Investment Bank
Ching Wern WongAmInvestment Bank Berhad
Lik Hsin AwCGS International