KUALA LUMPUR: Affin Hwang Capital Research has downgraded the brewery sector to Underweight from Neutral, with a Reduce call on both Guinness and Carlsberg, saying the ongoing subsidy rationalisation measures by the Government are continuing to dampen consumer sentiment.
It also cited the easy availability of contraband beers as another negative factor and warned that an excise duty hike in Budget 2015 was a real possibility.
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