United Breweries (UBBL)'s 2Q results were weak with 48%/42.9% YoY volume/sales decline and 79%/96.5% YoY EBITDA/PAT decline although better than our expectations. These numbers are also starkly below the ~3%/6% volume/sales decline reported by Alcobev peer United Spirits (UNSP) last week. This once again highlights that the more in-home consumption dominates, spirits consumption would do better. This trend is likely to continue over the next few quarters as well. The stock has been a significant underperformer in the past six months (v/s...