Investment summary 3
A-B InBev, Overweight 10
Ambev, Neutral 12
Compañia Cervecerías Unidas (CCU), Neutral 14
Grupo Modelo, Neutral 15
SABMiller, Neutral 17
Heineken, Neutral 19
Anadolu Efes, Neutral 20
Tsingtao: Underweight 22
Molson Coors: Neutral 23
Boston Beer: Underweight 24
Brewers: Valuations and risks 26
Disclosure appendix 40
Disclaimer 43