We reiterate OUTPERFORM as we remain optimistic on SAB’s potential underlying business improvements under its quality management team as well as its business recovery from H1 2020’s trough that was hurt by disruptions from COVID-19 and Vietnam’s new drunk driving regulation. We nudge up our target price by 6% as we raise our aggregate 2020F-2022F NPAT-MI by 5% primarily thanks to SAB’s better-than-expected beer GPM.