The trend of complication of Russian beer market is going on and in several directions at the same time. The range has got wider, the import and small segments are growing, namely craft beer, alcohol-free beer and special flavor beer. At the same time, all ex-mega brands and light lagers by Russian brewers are experiencing a decline of their shares. AB InBev Efes, Heineken, MBC and Pivzavod Trekhsosenskiy have exceeded the market, Carlsberg was developing slower than the market and Ochakovo as well as some other mid-sized breweries have been cutting down their volumes. To a big extent brewers’ performance was connected to their ability to reach agreement with networks, sacrifice their margin and enter new markets. Craft brewers are facing a serious danger of producers’ registration introduction – de facto licensing. ...
The global outlooks of the legal market of cannabis are excellent. It is possible to simultaneously imagine dry law repeal and craft brewing boom but not in one but in several consumer categories. For alcohol is contained in liquids and cannabis derivatives can be in three physical forms. The value of legal market of cannabis and its products can reach 10% of the world beer market in five years, and in 2030-2040 even reach the same scope provided the current rates of legalization and development of market infrastructure remain at the same level. Cannabinoids are actively integrating into the food industry from chewing gum to beverages deforming the pharmaceutical and alcohol markets, they influence the trends of healthy lifestyle and beauty. ...
Beer market of Kazakhstan acquired both traits of East European countries and South Eastern Asia taking a transitional position between them by many criteria and consumption style. Yet there is a positive trend in beer production which differs Kazakhstan from most of the neighboring countries. The market has remained consolidated in the hands of two international players because of its small size. However, it faces dynamic processes such as fast growth of draft beer sales, up and downs of regional companies and Carlsberg Group’s ultimate expansion. Excessive mainstream segment has declined over the recent years, yet, Zhigulevskoe and national brands with regional links have yielded their positions to a range of new products. In our review special attention was paid to regional analysis of the markets. In 14 regions of Kazakhstan we compared the companies’ positions, the market price segmentation and DIOT channel development. Besides we have compared the beer market of Kazakhstan to neighboring countries. ...
Vietnam. Foreign Investors Wait Major Vietnam Divestment With Bated Breath
While State Capital Investment Corporation (SCIC) has announced its intentions to sell stakes in major firms Vinamilk, and the Saigon Alcohol Beer and Beverages Corporation (Sabeco), investors are waiting with bated breath for these plans to come to fruition.
According to The Economist Vinamilk, considered the best-run firm in Vietnam with profits growing by nearly a third each year over the past decade, earned US$420 million in pre-tax profits and US$1.8 billion in revenue in 2015. As Vietnamese still drink far less milk on average than in neighbouring countries, there is ample room for Vinamilk to grow further. The company currently has a market value of over US$9 billion.
It comes as no surprise then that foreign investors in particular are eyeing the company closely. The SCIC owns 44.7 per cent of Vinamilk’s shares, which is actually low compared to government stakes in other big firms. This figure is set to decrease further by the end of the year.
Vietnam Net reports that SCIC deputy CEO Nguyen Hong Hien told a conference on October 25 that the organisation will sell 9 per cent of its Vinamilk stake in late November or early December. This will be the first tranche of a gradual full sell-off of the State’s ownership in the dairy giant.
SCIC has hired Morgan Stanley Asia Limited, Saigon Securities Incorporation (SSI) and the VinaCapital Corporate Finance Vietnam Company Ltd. to advise it on the sale.
Thailand brewing giant ThaiBev is thought to be one of the front-runners for buying additional shares when they become available. The Thai conglomerate already owns 11 per cent of Vinamilk through Fraser and Neave. Like everyone else though, they will have to wait until more details regarding the divestment are confirmed.
Vietnam Brewers Await
The other major prize in SCIC’s divestment push is Habeco, or the Hanoi Beer Alcohol and Beverage Joint Stock Corp. Along with Sabeco the two firms command roughly three-fifths of the Vietnam beer market.
Figures from the Vietnam Beer Alcohol Beverage Association (VBAB) show that the country quaffed nearly four billion litres of beer in 2015, ranking third in Asia behind China and Japan. This makes both serious money-makers, and SCIC holds dominant positions in both – 90 per cent in Sabeco and 82 per cent in Habeco. Sales of these stakes could net the government over US$2 billion in dividends according to The Economist.
So far no dates have been confirmed for these sales, but the government has stated that they will take place next year.
According to Viet Nam News, Prime Minister Nguyen Xuan Phuc has requested that both companies be listed on the stock exchange before divestment takes place in order to guarantee transparency. However, as VietJet Air’s frustrating efforts to go public have illustrated, this is easier said than done.
Obstacles remain for foreign investors wishing to get a piece of the action in Vietnam.
While the government has provided a broad timeline for divestment of its interests in Vinamilk, Sabeco, and Habeco, specific dates remain elusive. At the same time The Economist alludes to rumours of ‘golden shares’, which would allow the government to retain control of their cash cows even after getting rid of most of its shares.
Thus far these are no more than rumours, but the authorities are understandably hesitant to offload such lucrative assets, even as public debt skyrockets.
If Vinamilk’s 9 per cent sale goes according to plan, within the next 90 days or so, foreign investors will have renewed confidence that Vietnam is serious about opening its most successful companies to outside money. It will also provide a rough yardstick as to how successful VietJet’s much talked about IPO will be… if it ever makes it to the runway.
3 Ноя. 2016