Choice Institutional Equities upgrades United Breweries to buy, target Rs 1480
Choice Institutional Equities reiterated a Buy on United Breweries and set a target price of Rs 1480. The note cites premium portfolio volume up ~45% CAGR and ~21% premium growth during FY26.
Choice Institutional Equities's report on United BreweriesUBBL's premium portfolio volume has expanded at ~45% CAGR over the past two years.
Premium volume has been resilient, posting ~21% growth even when overall volumes grew only by ~3% in FY26.
We note AB InBev and Carlsberg have higher premium…