Increased distribution and A&P; spend to drive revenues Volume growth in CY18 was 11.1% YoY, led by strong growth in confectionary at 15% YoY, beverages at 11% YoY and prepared dishes at 14% YoY. Milk products posted 4.8% YoY volume growth. Given aggressive A&P; done by the company behind new launches, we expect 11.5% CAGR volume growth in CY18-20E led by prepared food and chocolate segments. Kit Kat, Milkmaid and Nescafe have been relaunched while more brands are likely to be remodelled, pushing volume growth upwards. A further fillip to...