Heading towards strong recovery
- 1Q22 normalised EBITDA/profit above expectations
- Strong recovery in South Korea to support double-digit revenue/earnings growth in APAC East
- Premiumisation continues to be key growth driver in China despite near-term COVID disruptions
- Revised up FY22/FY23 EBITDA by 4%/6% in view of further efficiency improvement. Maintain BUY with TP of $32.73