FRANCE: Pernod Ricard's Q1 adds to Asia slowdown fears - analyst
Investec noted Pernod's cautious tone on Asia
Earlier today (25 October), the French firm reported a first-quarter global sales rise of 5%, but pointed to "more moderate" growth in Asia's emerging markets. The company saw an organic sales uplift of 11% in Asia/Rest of the World.
Depite the double-digit rise, analysts Investec said it viewed the results as a "miss" on estimates that will "compound market fears on a slowdown in Asia".
It noted that Pernod said China is a "less favourable environment", while the Scotch whisky category has seen a slowdown in South Korea and Thailand, which are "structurally challenging markets". Investec noted this as "quite a change of tone to FY12" from Pernod.
However, UBS said in a note that Pernod's Asia/ROW performance was in line with its estimates and China was up 18% year-on-year, against tough comparisons.
Meanwhile, Investec noted "cautious" FY guidance from Pernod, adding: "Whether Pernod can repeat its tradtional trick of upgrading guidance at H1 remains to be seen".
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