UB News, Corporate filings and Earnings/Conference Calls

Name: Latest research reports of United Breweries (Holdings) Ltd. authored by Motilal Oswal and published by - Trendlyne research reports.
Item: United Breweries (Holdings) Ltd.
Rating: 5
Author: Motilal Oswal

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United Breweries (Holdings) Ltd.

14 Feb 2019

Growth traction robust; optimistic outlook sans some near-term overhangs

Buy: United Breweries (Holdings...

Motilal Oswal

Volumes grew by a healthy 16% YoY with market share gains (management cited achievement of market-leading volume growth). EBITDA quarter (3QFY18) was 17.1% and 19.3%, respectively. YoY to 7.6% of sales, while other expenses were down 300bp YoY to 28.6%. 15.0%) the highest third-quarter margin in the companys history. higher than our estimate of +91.6% YoY. Interest costs reduced sharply by ~50% owing to debt reduction. If not for the tax rate at 38.4% for the quarter, the PAT beat would have been even higher.

United Breweries (Holdings) Ltd.

08 Feb 2019, 12:00AM

Beer industry 's earnings momentum appears strong

Buy: United Breweries (Holdings...

Motilal Oswal

Carlsbergs main brands in India Tuborg and Carlsberg, reported a volume growth of 17% and 31% YoY, respectively, in CY18. The improvement in price/mix was driven by robust growth of the brand and improved pricing (we believe pricing refers to the 10% price increase grant in May18 in Telangana). Profitability has improved considerably due to volume growth, positive price/mix and supply chain efficiencies, following the opening of Carlsbergs Karnataka brewery. The India business reported an organic operating profit growth of 131% YoY in 2018. Carlsberg launched the SAIL22 strategy in Mar16, aiming to make the Carlsberg Group a successful, professional and attractive brewer in the Chinese and Indian markets, which have good potential for top line growth. United Breweries grew by 12% YTD and by 37% in 9MCY18, then 4QCY18 was phenomenal for the companys largest brand in India (Tuborg) to end up with 19% volume growth for the full year.

United Breweries (Holdings) Ltd.

16 Aug 2018

SAST

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011

BSE India

The Exchange has received the disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Kamsco Industries Pvt Ltd

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United Breweries (Holdings) Ltd.

30 May 2018

Im proving operating environment reinforces outlook

Buy: United Breweries (Holdings...

Motilal Oswal

30 May 2018 Estimate change TP change Rating change (est. of INR13.7b) in 4QFY18, off a weak base. Volumes grew strongly by 24% YoY (industry vols grew 22%), with continued market share gains. Notably, growth was achieved in 4Q, despite no supply in Bengal due to the lack of clarity on the new excise structure. (benefiting from a favorable state mix and price hikes taken in the year). Strong sales growth meant that employee costs as a percentage of sales were down 50bp YoY to 7.5% and other expenses were down 300bp to 31.2%. Consequently, the EBITDA margin expanded 510bp YoY to 14.2% (est. EBITDA more than doubled YoY to INR2.1b (est.

United Breweries (Holdings) Ltd.

03 Oct 2017

Company Update

BSE India

Response to notice for suspension of trading in securities for non-compliance of certain regulations of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015

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Is United Breweries (Holdings) Ltd. worth buying?

11 Votes:

Buy 54.55%

Sell 36.36%

Hold 9.09%