2025-06-11-花旗集团-卡拉宝集团（CBG）_卡拉宝集团（CBG.BK）_30天下行催化因素观察到期_10页_330kb

The provided content is a Citigroup Research report on Carabao Group (CBG.BK), updated on June 10, 2025. The Downside Catalyst Watch, added on May 12, 2025, has expired and should no longer be relied upon. The report assigns a Sell rating due to expected gradual export recovery in challenging markets, margin pressures from rising sugar costs, and reliance on lower-margin ventures like packaging and distribution. Key metrics show a current price of Baht 57.50, with a target price of Baht 50.00, implying an expected share price return of -13.0% and total return of -10.5%, including a 2.5% dividend yield. Valuation is based on a 17x PE multiple for 2025 earnings, which is below the company's historical average due to factors like tapering growth, intense competition, and cost headwinds. Upside risks include successful product launches, margin improvements, and expansion in new markets like Vietnam. The report includes disclaimers about conflicts of interest, analyst affiliations, and compliance with global regulations, emphasizing that investors should consider this as one factor among many.