External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes.

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External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Emperador reported strong 1Q23 PATMI growth of 10.5% y-o-y, largely driven by the Scotch whisky segment.</li><li>Despite higher brandy segmental revenue, overall inflationary cost-push continues to pressure brandy margins.</li><li>Emperador’s Scotch whisky segment outperformed on higher ASPs and demand.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Emperador reported strong 1Q23 PATMI growth of 10.5% y-o-y, largely driven by the Scotch whisky segment.Despite higher brandy segmental revenue, overall inflationary cost-push continues to pressure brandy margins.Emperador’s Scotch whisky segment outperformed on higher ASPs and demand.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emperador - Robust 1Q23 Performance Led By Scotch Whisky