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CAB (CAB MK): Focus on Premium Beer and Cider Brands

Interesting Stocks to Consider in Thailand

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Carlsberg Brewery Malaysia / Equity Bottom-Up

<ul>
<li>Improving asset turnover, good payout ratio, and slow asset growth relative to its sector</li>
<li>Strategy to focus on its premium brands should continue to drive growth, premium grew faster than overall sales, up by 19% YoY in 1H18</li>
<li>Equity income from Lion Brewery should continue to rise as it has recovered from flood damages; the associate enjoys strong demand and has 85-90% market share in the Sri Lanka beer market</li>
<li>Trades in line with ASEAN Consumer Staples at 18CE* 23x PE but offers better EPS growth, a good 4% dividend yield and a solid balance sheet</li>
<li>Risks: Introduction of EFTA in Singapore could lead to competition from cheaper European imports, excise taxes</li>
</ul><p><em>* Consensus Estimates</em></p>


Improving asset turnover, good payout ratio, and slow asset growth relative to its sector
Strategy to focus on its premium brands should continue to drive growth, premium grew faster than overall sales, up by 19% YoY in 1H18
Equity income from Lion Brewery should continue to rise as it has recovered from flood damages; the associate enjoys strong demand and has 85-90% market share in the Sri Lanka beer market
Trades in line with ASEAN Consumer Staples at 18CE* 23x PE but offers better EPS growth, a good 4% dividend yield and a solid balance sheet
Risks: Introduction of EFTA in Singapore could lead to competition from cheaper European imports, excise taxes
* Consensus Estimates

CAB (CAB MK): Premium Brand Strategy Drives Growth