We joined SAB's investor briefing on November 2. Our key takeaways from the meeting broadly align with our expectations for SAB to experience strong earnings growth in 2022, which is backed by a solid recovery of volume and expanding profitability.

Resilient sales volume growth bolstered by improvement of brand health. Management expects double-digit volume growth for full-year 2022 and high single-digit growth in 2023. Beer demand remained solid in 9M 2020 despite inflationary pressure. Moreover, SAB’s brand health has improved and it has become more appealing to younger generations with the emergence of a new, fresh and innovative brand. The August introduction of coffee-infused Bia Saigon — a seasonal product — demonstrates SAB’s R&D capability and has helped to increase the company’s overall brand reputation. Management believes that sales volume will be steady in Q4 2022 as (1) the growth momentum in the last three quarters should continue in Q4 and (2) the early Lunar New Year will boost stockpiling activities in December.