Summary of Q2 / H123 results A solid set of H1 results from Carlsberg. Q2 LFL sales growth at +9.0% was in-line with company consensus expectation with the split of volumes (-0.2% vs. co. cons. +0.2%) and price / mix (+9.2% vs. co. cons. +8.8%) also broadly in-keeping with the expected shape. From a regional perspective, strength in Western Europe (LFL sales +7.6% vs. co. cons. +6.8%) was offset by slightly weaker than expected growth in Asia and CEE. Group H1 LFL EBIT grew +5.2%, c.350bp ahead of co. cons. with the primary driver of the beat relative to Visible Alpha expectations again being Western Europe (+1.4% vs. VA cons. -6.7%). H1 continuing EPS at DKK29.3 was a c.2% beat. News We highlight that while it is not possible for Carlsberg to be precise (only c.50% of its commodity exposure has been hedged for 2024) considering the many ups and downs, in totality, it does not expect a ''massive, meaningful'' reduction in COGS next year. Earnings We revise our FY23e / FY24e / FY25e EPS by +1% / -1% / +1%. Investment thesis While we believe Carlsberg, like the other brewers, is well-placed to benefit from COGS deflation tailwinds in 2024, relative valuation and increased competition in China keep us Neutral. Rating and target price We maintain our Neutral rating. Our target price moves from DKK1,190 to DKK1,100 (driven by reduction in our target multiple). 15 questions for management You outlined that you do not see why your market share in China should not move up to c.10% over the next few years. Where do you envisage your market share in Vietnam being at this time?