 Results in line, with 9M21 revenue and EBITDA at 72%/75% of our FY21e forecasts.
 Spirits stole the limelight with a 21% YoY EBITDA surge, as volume recovered and costs were contained.
 Maintain BUY and target price of S$0.86, at 18x FY21e earnings, its 5-year average. Restricted on-premise consumption of beer and closure of F&B outlets to be compensated by resilience of spirit business together with aggressive cost-control. Spirits account for around 90% of PATMI. Catalysts expected from removal of lockdown measures in Thailand and Vietnam.