date:Aug 18, 2012
t he viewed Carlsberg stock with caution as such a large proportion of its business was in Russia:Carlsberg is strong in Asia, but that is still a smallish part of the business. With Carlsberg you have to take a view on Russia. You have low visibility of what is happening in Russia and anything negative could send the whole business pear-shaped.
The company faces the threat of stricter alcohol regulation in Russia, including a potential ban on plastic bottles.
Maintaining a hold recommendation