PETALING JAYA: While analysts remained positive on Carlsberg Brewery Malaysia Bhd
’s earnings forecasts, CGS International (CGSI) Research has lowered its net profit forecasts due to slower Singapore sales and currency impacts.
“We trimmed our financial year 2026 (FY26) to FY27 net profit estimates by 7.6% and 7%, respectively, to account for weaker demand in Singapore and a lower Singapore dollar to ringgit rate of 3.10 over the forecast period.”
It highlighted revenue declined by 11% year-on-year (y-o-y) in the brewery’s fourth quarter of financial year 2025 (4Q25), due to a sharp 22% y-o-y drop in Singapore, alongside a 7% y-o-y decline in Malaysia.
“At the analyst briefing on Feb 11, 2026, management attributed revenue weakness in both markets to softer consumer sentiment and the appreciation of the ringgit against the Singapore dollar (plus 3.0% y-o-y), which led to some foreign exchange translation loss,” it explained.
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