Refer to important disclosures at the end of this report Steady growth despite headwinds UBL's recent underperformance despite steady volume growth and market share gains provides an attractive opportunity, in our view. Channel checks suggest steady volume trends after the election impact in April, which was temporary and restricted to few states. Margin pressures witnessed in 4Q should recede with pricing actions and better input sourcing (barley imports and old bottles). We expect lower gross margins in FY20, but...