德银-拉美-饮料行业-拉美消费者月报：市场动荡与政治风险中，行业应得到牵引-20180216-51页

16February2018BeveragesLatamConsumerMonthlyBeveragesIndustryUpdateLatinAmericaIndustryLatamConsumerMonthlyDate16February2018DeutscheBankMarketsResearchAmidmarketturmoil/politicalrisks,sectorshouldgaintraction(Feb.2018)Broad-basedrally,butallsubsectorsunderperformedInJanuary,therisingtideliftedmostboats;butwhile71%ofourcoveredstocksshowedpositivereturnsonly21%outperformedtheirrespectiveindices.Severalretailstocksfromacrosstheregionhaddouble-digitgainsinUSDterms(ARZZ3,LREN3,CHDRAUIB,LIVEPOLC1,IMI),asdidVCO,BIMBOA,andNATU3inthestaplesside.Otherstockswithhigh-single-digitgainsincludedJBSS3,KOF,BTOW3andSORIANAB.NotabledeclinersincludedBEEF3andGRUMAB(bothdeclinedby6.0%andaretradingnear52-weeklows).Yeartodate,allthesubsectorsinLatAmconsumerunderperformedtheirrespectiveindiceswithFood,Retail,HPCandBeveragestrailingtheirrespectivecountryindicesb