CARLSBERG BREWERY MALAYSIA BHD (CARLSBG)

Company Profile: Carlsberg Brewery Malaysia Bhd

Carlsberg Brewery Malaysia Bhd (CARLSBG, code: 2836) is Malaysia's second-largest alcoholic beverage producer, founded in 1969 and listed on Bursa Malaysia. But this is not your typical brewer coasting on volume growth. CARLSBG is executing a compelling strategic transformation: revenue is falling, yet profits are hitting all-time highs. That paradox is the core of the CARLSBG investment story.

In a market where mainstream beer volumes are structurally shrinking — driven by excise duty hikes, rising cost of living, and shifting consumer habits — Carlsberg Malaysia has deliberately chosen the premiumisation path: focusing on high-value premium brands that deliver larger margins per litre even as total volumes decline.

Business Segments

Malaysia is the core engine of growth. Singapore faces persistent market pressures. In Sri Lanka, Carlsberg Malaysia holds a 25% stake in Lion Brewery Ceylon PLC — the number-one brewer in Sri Lanka with over 82% market share. Although small in revenue contribution, this stake provides consistent dividend income.

Brand Portfolio

Premium brands like Kronenbourg 1664 and Asahi Super Dry are recording double-digit sales growth, offsetting the decline in mainstream labels.

RM343M Brewery Transformation (Completed)

Carlsberg Malaysia recently completed a RM343 million brewery upgrade programme — the largest capital investment in the company's history. Key outcomes:

• Canning and bottling capacity increased by +33%
• Water wastage reduced by -47%
• Energy consumption reduced by -42%

For investors, the key takeaway is that the major capex cycle is now behind them. This means free cash flow (FCF) will improve materially in the years ahead as the company no longer needs to deploy large capital sums for infrastructure.

Shareholder Structure

Carlsberg A/S (Denmark) holds a 51% stake in CARLSBG — a globally recognised MNC parent. This provides meaningful benefits: access to global brand licences, world-class manufacturing practices, and stable long-term strategic direction.

⚠️ Shariah Status: NOT SHARIAH COMPLIANT

CARLSBG produces alcoholic beverages (beer, stout, cider). This stock is NOT SHARIAH COMPLIANT and cannot be held by EPF Shariah, Amanah Saham, Islamic funds, or investors following Islamic investment principles.

All investors should make their own assessment based on personal values and principles before investing.

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