We reiterate BUY as we expect SAB will post solid earnings growth post-2020 thanks to a business recovery from disruptions related to COVID-19 and Vietnam’s drunk driving regulations in addition to further growth and margin-enhancement initiatives. SAB looks undervalued with a 2021F PER of 20x (based on our forecast) vs a four-year peer average TTM PER of 28x. We trim our target price (TP) by 4% as we cut our aggregate 2021F-2023F core NPAT-MI by 5% due to (1) the recent fourth wave of COVID-19