KUALA LUMPUR: The shares of CARLSBERG BREWERY MALAYSIA BHD [] and GUINNESS ANCHOR BHD [] (GAB) advanced on Monday, Oct 18 after Maybank Investment Bank Bhd Research (Maybank IB) upgraded the brewery sector to overweight.
At 9.50am, Carlsberg was up three sen to RM5.24 while GAB added five sen to RM8.58.
The research house said the silence on excise duties for alcoholic beverages during the tabling of Budget 2011 last Friday was confirmed to be good news for brewers following a press statement from GAB regarding another year of reprieve.
"Upgrade net profit forecasts for GAB by 3-12% for FY11-13, our call to a Buy (from Hold) and our TP to RM9.60 (from RM8.40).
"Maintain Buy on Carlsberg with a higher DCF-based TP of RM5.70 (from RM5.50) after raising our 2010-12 net profit forecasts by 4-6%," it said in a note on Monday.
At 9.50am, Carlsberg was up three sen to RM5.24 while GAB added five sen to RM8.58.
The research house said the silence on excise duties for alcoholic beverages during the tabling of Budget 2011 last Friday was confirmed to be good news for brewers following a press statement from GAB regarding another year of reprieve.
"Upgrade net profit forecasts for GAB by 3-12% for FY11-13, our call to a Buy (from Hold) and our TP to RM9.60 (from RM8.40).
"Maintain Buy on Carlsberg with a higher DCF-based TP of RM5.70 (from RM5.50) after raising our 2010-12 net profit forecasts by 4-6%," it said in a note on Monday.
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