We joined SAB's investor briefing on August 8, 2022. Our key takeaways from the meeting broadly align with our expectation for SAB to achieve strong growth in 2022 that is backed by volume recovering and expanding profitability.

Growth in the top line has been driven by a strong volume recovery and increased average selling prices. SAB has gained market share from (1) its strong hold in its dominant market segment and geographic area — mainstream beer and southern Vietnam, respectively — and (2) gaining market share in the mass premium segment and northern Vietnam. Management expects the company will continue to gain market share in the near future.

The health of SAB’s brands increased significantly due to efficient marketing strategies. The health and consideration ratios of SAB’s brands increased across its product portfolio. Notably, Saigon Special’s numbers have been especially strong after the success of its re-branding that started in April 2022. A brand health ratio shows where the brand stands within the competitive field and is the result of survey regarding the brand’s market size, uniqueness, relative pricing, marketing effectiveness and consumer behavior; as a result, this ratio provides early insight into the development of the market and target group. In addition, brand consideration is a primary measurement of brand health. Brand consideration is generated from the predisposition of consumers toward the brand and their likelihood of purchasing the brand. Management expects these leading indicators to be translated into continuing top-line growth with further improvements in execution

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