KUALA LUMPUR (Nov 27): Shares in Carlsberg Brewery Malaysia Bhd rose 1.41% this morning after its 3QFY19 net profit grew 6.5% higher to RM69.18 million, from RM64.98 million last year, sustained by higher sales and the continued premiumisation in Malaysia and Singapore.

At 9.25am, Carlsberg rose 38 sen to RM27.38, valuing it at RM8.37 billion.

Quarterly revenue was up 10% to RM542.22 million, from RM492.77 million. The group declared a single tier interim dividend of 17 sen per share, payable on Jan 22, 2020.

Meanwhile, CGS-CIMB Research has its maintained its “Add” rating on Carlsberg Brewery (M) Bhd at RM27 with a higher target price (TP) of RM31.30 (from RM25.70) and said Carlsberg’s 9MFY19 core net profit of RM222 million was in-line at 74% of FY19 estimates.

In a note today, the research house said the 8.3% year-on-year growth in 9MFY19 core net profit was driven by: i) higher sales volume, and ii) a more premium sales mix.

“Maintain Add, with a higher DDM-based TP of RM31.30,” it said.