SAB released positive Q1 2019 results with revenue jumping 20% YoY while NPAT-MI advanced 10% YoY. Revenue was primarily driven by beer sales, which soared 20% YoY while profit margins contracted vs a high Q1 2018 base, when impact from higher raw material prices (e.g., malt, hops and aluminum) had not kicked in. SAB’s Q1 2019 results are broadly in line with our expectation, although we see potential upside risk to our earnings forecasts primarily due to lower-than-expected G&A expenses