CARLSBG – Fundamental Analysis (5 Sep 2016)

Excel – Download the analysis file

Latest Financial – Q2 2016 Financial Report (23 Aug 2016)

FY16 Q2 Results Highlight:

  • 2QFY16 versus 2QFY15
    • CARLSBG revenue grew marginally by 2.4% to RM851.5mn. This was driven by positive contribution from Singapore segment. The segment recorded a double-digit growth of 13.7% to RM274.6mn supported by better products mix as well as higher contribution from subsidiary company Maybev.
    • Despite the positive contribution from Singapore segment, Malaysia segment logged a slight contraction of 2.3% to RM577mn underpinned by loss of contribution from Luen Heng business.
  • 12MFY16 versus 12MFY15
    • CARLSBG’s operating profit expanded by 26.8% YoY to RM147mn owing to strong contribution from both segments (Malaysia: 43.4% YoY to RM99.2mn and Singapore: 40.3% YoY to RM47.3mn).
    • This was attributable to effective costs control and positive products mix, increased contribution from Maybev, and 3) strengthening of Singapore Dollar against MYR.

 

Going Forward:

  • I remains confident that CARLSBG will deliver commendable results for FY16 even if there are many uncertainties in the global economy.
  • In my opinion, fair value of CARLSBG is from 14.7 to 15.6 (Uncertainty Risk: HIGH)
  • I will continue to hold, but will not accumulate CARLSBG for the time being.

At the time of writing, I owned shares of CARLSBG.

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