SAB released Q4 2019 results with revenue falling 7% YoY while NPAT-MI rose 17% YoY. For 2019, revenue climbed 5% YoY while NPAT-MI soared 21% YoY. 2019 revenue and NPAT-MI completed 95% and 96% of our respective forecasts, primarily owing to weaker-than-expected beer sales volume. Beer GPM improved QoQ and YoY in Q4 2019 – mainly on the back of selling price hikes and cost savings initiatives. Beer GPM is tracking broadly in line with our expectation.