SAB released encouraging Q3 2020 results, in which revenue declined 17% YoY (H1 2020: -35% YoY) but NPAT-MI edged up 0.5% YoY (H1 2020: -30% YoY). 9M 2020 revenue and NPAT-MI completed 72% and 76% of our respective full-year forecasts. Overall, Q3 2020 results are broadly in line with our expectations and reinforce our optimism on the company’s current restructuring process and a gradual recovery in domestic beer consumption from a trough in Q1 2020.