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Non-Alcoholic Beer Offers Alternative Growth Driver Amid Threat of New Regulations

机译:在新法规的威胁下,无酒精啤酒提供了替代增长动力

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摘要

Indonesia's House of Representatives are considering a bill that would introduce a nationwide ban on producing, distributing orrnconsuming alcoholic beverages that contain more than 1% alcohol. Whilewe believe the legislation, which has been proposed byrntwo Islamist-orientated parties, is unlikely to be passed in its current format, it nevertheless signals a growing likelihood that therngovernment will impose tougher limits on the alcoholic drinks industry in the coming years. This follows a ban on beer sales inrnconvenience stores that came into effect in April 2015 and which contributed to a 10% fall in annual sales for leading brewerPTrnMulti Bintang Indonesia, which ismajority owned by Heineken. Our view is that further regulations will lead to downside risks forrnthe beer market with the expectation that suppliers will increasingly move towards low-to-non alcoholic offerings as an alternativerngrowth driver.
机译:印度尼西亚众议院正在考虑一项法案,该法案将在全国范围内禁止生产,分销含酒精量超过1%的酒精饮料。尽管我们认为这是由两个面向伊斯兰的政党提出的立法,不太可能以目前的形式通过,但它预示着政府在未来几年对酒精饮料行业施加更严格限制的可能性越来越大。在此之前,禁止啤酒销售便利店的禁令于2015年4月生效,这导致喜力啤酒拥有多数股份的领先酿酒商PTrnMulti Bintang Indonesia的年销售额下降了10%。我们认为,进一步的法规将给啤酒市场带来下行风险,并期望供应商将越来越多地转向低酒精度至非酒精度的酒精饮料作为替代增长动力。

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