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Dolat Capital Report
United Breweries Ltd.'s Q4 FY21 operating revenue performance was in-line.
Sharp decline in other operating expenses (down 12% year-on-year in Q4 FY21, down 12% YoY in Q4 FY20) was key positive surprise.
Opex reduction was despite 9% YoY volume growth. Sustainability of costs reduction is the key.
The company's market leadership, product portfolio, brand positioning, premiumisation, costs/capex consciousness and superior execution makes it an attractive long-term play.
But, barley price inflation (approximately 15% YoY) and second wave of Covid-19 in key beer season are near term dampener.
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