Chinese beer brands better placed to ride on the premiumisation trend. We expect the premium segment mix in China to continue to trend upward from 11% in 2019 to 13% in 2022, driven by both supply-side (brewers’ increasing focus on profitability rather than market share) and demand-side (consumers’ growing appetite for high-quality beer) factors. We believe CRB is best positioned given its robust premium portfolio, a clearly defined set of expansion strategies, and strong execution capability historically, while Bud APAC might face intensified competition and might struggle to deliver both superior organic growth and margin expansion.