Affin Raises Carlsberg Target To MYR8.82 Vs MYR7.68

Affin Investment raises Carlsberg Brewery Malaysia (2836.KU) price target to MYR8.82 from MYR7.68 after rolling forward valuations to CY12; the house keeps a Buy rating. The house says earnings will be driven by positive consumer sentiment, strong marketing momentum and continued focus on the premium beer segment and steady growth in both the local and Singapore malt liquor market. It keeps its FY11-FY13 net earnings forecasts unchanged. The stock is up 2.5% at MYR7.41.