8 February 2020 United Breweries' (UBBL) 7% volume decline in 3QFY20 was a disappointment; however, margin impact was restricted. Thus, despite EBITDA declining 10.6% YoY, it was in line. Rich valuations, the CCI price fixing issue overhang and uncertainty over it further worsening in Andhra Pradesh (AP) due to prohibition fears prevent us from turning constructive on the stock. EBITDA declined 10.6% YoY to INR2.2b (v/s est. PBT declined 20% YoY to INR1.4b (v/s est.