Global brewers' upbeat earnings signal industry resilience-Macquarie

United Malt

06/03/2023 03:04

** Macquarie analysts say results of brewers like AB InBev
 ABI.BR  and Heineken  HEIN.AS  show beer industry's resilience
    ** Brokerage says Aussie brewer United Malt Group's  UMG.AX 
outlook reiteration was important in restoring market confidence
    ** Macquarie sees significant trajectory to UMG's earnings
recovery in FY23 and FY24 as continued growth forecast from
global breweries in 2023 reflects resilient consumer demand
    ** Adds consumers are not swapping beer for other alcoholic
beverages; says brewers experiencing strong beer volume growth
    ** Two of seven analysts rate UMG "buy", four "hold" and one
"Strong sell"; their median PT is A$3.70 – Refinitiv data
    ** UMG down 1.2% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))