Carlsberg and Heineken rise, among top gainers on Bursa

Carlsberg Brewery Malaysia Bhd and Heineken Malaysia Bhd emerged among the top gainers on Bursa Malaysia in the morning session today as investors bet on their resurgent recovery.

Carlsberg opened at RM21.20, reaching an intraday high of RM21.66 before settling at RM21.60, making it the second top gainer on Bursa at the 12.30pm break. At RM21.60, the group was valued at RM6.6 billion.

Heineken also rose 22 sen or 1.01% this morning to settle at RM22, with a market value of RM6.65 billion. Heineken — the fifth top gainer so far today — saw a trading volume of 85,900 shares.

n a July 7 note, UOB Kay Hian said that Carlsberg’s distribution trade channels were sufficiently stocked despite the suspension of operations running into the sixth week then. 

“But should operations continue to be suspended beyond July, we estimate a 4% impact on 2021 earnings for every week it (the suspension) is being extended. However, we think investors would be forward-looking as Carlsberg remains poised for a resurgent recovery,” it added. 

The research house maintained its “buy” call on Carlsberg, with a target price (TP) of RM25. 

CGS-CIMB Research, meanwhile, said in a report on June 2 that it believes both brewers will still record strong year-on-year (y-o-y) results for the financial year ending Dec 31, 2021 (FY21) on the back of a gradual recovery in sales volume.

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