Wednesday, October 8, 2014

Affin Hwang Capital Daily Insight (LV) - 8 October 2014 - BREWERY / ECONOMY - TRADE

Top Calls

Sector Update Brewery (UNDERWEIGHT, downgrade)

- Happy hour is over

We downgrade the brewery sub-sector to UNDERWEIGHT as: i) subsidy rationalisation measures continue to dampen consumer sentiment on discretionary spending; ii) a potential excise-duty hike could hurt MLM volumes; and iii) continued easy access to contraband and illegal beer products should weigh on MLM industry.


Other Calls

Economy Trade

- Exports rose slightly by 1.7% yoy in August


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