Better days ahead from 4Q21F onwards
■ 1H21 net profit of RM112m (+24% yoy) was below expectations, as we
expect weaker qoq results in 3Q21F due to prolonged closure of operations.
■ In our view, the worst is over for CAB, as we expect better beer demand with
higher vaccination rates and gradual lifting of lockdown measures.
■ Upgrade to Add from Hold. Our DCF-based TP is raised to RM24.70.