"Synergies from Carlsberg Singapore appear imminent, with higher-than-expected benefits to flow through in the next several quarters," it said in a report.
Carlsberg recorded lower quarter-on-quarter net profit of RM31 million in the second quarter, due to lower sales volume in the absence of the Chinese New year festivity and higher interest expenses.
However, net profit for the first half more than doubled from a year ago, accounting for 55 per cent of Amresearch's upgraded financial year 2010 forecast.
"The better performance was largely attributed to the robust FIFA World Cup season, with a 16 per cent year-on-year increase in local sales to RM576 million in Malaysia," it said.
The group also benefited from lower cost of raw ingredients - namely barley and hops.
Amresearch said that for exposure to the malt liquor sector, it prefers Carlsberg for its higher upside potential over Guinness Anchor Bhd.
No comments:
Post a Comment