Barefoot Investor: OSK target Carlsbg price at RM7.20

Based on OSK Research, they target for Carlsbg price at RM7.20.

CARLSBG (TP RM7.20– BUY) Company Update: Earnings Well-Paced
We gather from our last meeting with management that Carlsberg will fare well in 2011.

Although intense competition will persist vis-à-vis its rival, Guinness Anchor, the upbeat macro factors create favourable conditions for market growth this year. Upgrading our earnings estimates for 2011 and going forward, we derive a higher target price for Carlsberg of RM7.20 from RM6.50 previously. The stock is maintained a BUY. We see Carlsberg paying a higher gross dividend of 35 sen per share versus 27.5 sen previously, translating into a gross yield of 5.4% for FY11. (OSK Research Report)


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