Shares in Carlsberg Brewery Malaysia Bhd rose 40 sen or 2.77% to RM14.86 as of 12.20pm on Monday, recovering from an opening price of RM15.10 after trading between RM14.84 and RM15.20.
The brewer recorded 4,388,000 shares in volume, with 133,000 shares on the buy queue at RM14.82 and 52,000 shares offered at RM14.96. The last adjusted closing price was RM14.46.
The share price movement comes after Carlsberg Malaysia reported a 3.1% year-on-year increase in 1H26 net profit to RM181.9 million, while revenue rose 5.9% to RM1.22 billion.
Malaysia remained the key contributor, with revenue rising 9.2% to RM943.6 million and operating profit increasing 6.7% to RM199.6 million. However, Singapore revenue fell 4% while operating profit declined 21.6%.
RHB Research maintained its BUY call on the stock but lowered its target price to RM18.80 from RM20.80 following weaker-than-expected 2Q26 results and a more cautious outlook for consumer spending. The revised target implies around 30% upside from the current price.
The research house said the recent sell-off appeared excessive given the brewer’s resilient performance and attractive dividend yield, with the stock trading close to two standard deviations below its five-year valuation mean.
Carlsberg Malaysia has declared 45 sen in cumulative interim dividends for FY26, up from 43 sen a year earlier.
