The research house also cut its FY20-22 EPS forecasts by 2.6%-3.8% for Heineken on lower sales volume, and lower profit margin due to lesser economies of scale.However, it said it continued to like the company given its relatively more defensive nature of business from the inelastic demand for beers.
PETALING JAYA: The operations of Heineken (M) Bhd and Carlsberg Brewery (M) Bhd are expected to be halted during the movement control order (MCO) period of March 18 to 31 thus having their earnings impacted.
However, the companies remained favourable thanks to their strong dividend yields and defensive nature of business from the inelastic demand for beers, analysts said.
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