MY : Carlsberg Brewery (M) - To be negatively impacted by MCO3.0

1Q21 core net profit of RM68.8m (-5.8% yoy) was in line with expectations, at 28% of our and 26% of Bloomberg consensus full-year estimates. We lower our FY21-23F EPS by 3.5-12.1% to account for impact of extended Covid-19 outbreak and recent reimplementation of lockdown measures. Maintain Hold, with a lower DDM-based TP of RM23.00.

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