UBL's FY20 annual report highlights the long-term beer industry potential and of beer as a preferred choice of consumption among young Indians. But, regulatory uncertainties and steep increase in taxation remains a key hindrance. Beer industry declined by 11% YoY in FY20 vs. 4% for UBL in our view. UBL's market share stood at ~52%. FY21 will be another weak year on account of Covid and loss of key season. Non-alcoholic beverage remains a key focus area with company targeting to double business every year for next three years. In respect of CCI case on alleged pricefixation, UBL needs to file their reply to the DG-CCI report and after...