德银-拉美-饮料业-拉美消费者一月报：2017年评论与2018年展望-20180121-82页

21January2018BeveragesLatamConsumerMonthlyBeveragesIndustryUpdateLatinAmericaIndustryLatamConsumerMonthlyDate21January2018DeutscheBankMarketsResearch2017Reviewand2018Outlook(January2018)2017wasamuchbetteryearthan2016bothinabsoluteandrelativetermsAlmost80%ofourcoveredstocksshowedpositivereturnsin2017,butonly39%managedtooutperformtheirrespectiveMSCIcountryindex(versus59%and28%,respectively,2016).Aswenotedthroughouttheyear,therewasawidedivergencebetweendiscretionaryretailersandstaplesstocks:2017wasanexceptionalyearforBraziliandiscretionaryretailers,which(withtheexceptionofLojasAmericanas)postedveryhighpositivereturnsinUSDtermsandoutperformedtheBrazilMSCIIndexbyatleast50%drivenbyanincipienteconomicrecovery,asharpdropininflation,monetaryeasingandafallingunemploymentrate.Inaddition,severalblue-chipstaplesstocksalsoperformedwell(albeit