AB INBEV | BUY | EUR 100 | Battle for the Middle Kingdom
Asia Pacific is the largest beer region in the world accounting for 38% of global beer volumes and is expected to account for over 60% of beer volume and revenue growth over the next twenty years. China alone will be 30% of global growth and India another 10%. Whereas India is an organic growth story, China already is the world’s largest beer market (26% of global volumes) and is in the process of consolidating. AB InBev built a 14% volume market share in the Asia Pacific region including 15% in China (26% value share) and 21% in India. While they continue to grow organically in India, taking part in the consolidation process in China should be an important priority. Indeed, one of the pillars of AB InBev’s superior margin profile is to have large market shares in big beer countries (e.g. USA and Brazil).AB Effectenbeteiligungen AG is an Austria-based company that invests in European companies. The Company is engaged in the investment in undervalued small-cap and micro-cap companies, in medium-sized companies with a growth potential, as well as in pre-initial public offering (IPO) companies. In the fiscal year ended on December 31, 2009, AB Effectenbeteiligungen AG's portfolio included Rhoen Kliniken AG, a Germany-based hospital operator, Realtime Technology AG, a Germany-based provider of visualization technologies and services for industrial applications in the automobile, aviation and consumer goods sectors and RIB Software AG, a Germany-based specialist in building construction, plant engineering and infrastructure management software.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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