We reiterate BUY on SAB as we expect the company will post solid earnings growth post-2020 thanks to a business recovery from COVID-19-related disruptions and Vietnam’s drunk driving regulations in addition to further growth and margin-enhancement initiatives. We trim our target price (TP) by 3% as we cut our aggregate 2021F-2023F NPAT-MI by 8% due to (1) the recent third wave of COVID-19 in Vietnam that could slow the momentum of beer consumption recovery