CGS-CIMB Research's analysis of the monthly share price performances of Carlsberg and Heineken suggested that investors seek entry points into the shares.
The research house attributed the stronger performance in the latter part of the year to improved demand around the festive seasons in 4Q and 1Q. “The year was also hit by the state elections, which may have prompted some selling of brewers shares on the perception of a changing political landscape,” it added.
It pointed out that in 2016, it took between four and six months for the market to factor in the fact that beer consumption is largely inelastic and for share prices to post positive returns. CGS-CIMB Research maintained its “overweight” on brewers.
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