In 1Q20, ICBP recorded strong revenue and earnings supported by excellent performance from all segments, except beverage segment that still showed a decline. However, we project that the ICBP’s income would grow slower in 2Q20 due to declining purchase power and possible distribution issues due to public activities limitation. In addition, ICBP has also approved Pinehill acquisition by signing CSPA on 22 May 2020.
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