and, consequently, build a strong company culture. Further analysis validates the results, including propensity score matching (PSM), entropy balancing, an instrumental-variable analysis, Lewbel’s (2012
× 𝐸𝑉𝐴𝑅𝑖𝑡) + 𝛽6(𝐸𝑃𝑆𝑖𝑡 × 𝐷𝐸𝑖𝑡) + 𝛽7𝐵𝑉𝐸𝑖𝑡 + 𝜀𝑖𝑡 (1) Where 𝑃𝑅𝐼𝐶𝐸𝑖𝑡 is fiscal quarter-end’s stock price. 𝐸𝑃𝑆𝑖𝑡 is earnings per share. 𝑆𝑇𝑅𝐼𝑁𝐺𝑖𝑡 is an indicator variable that
, respectively. The rise was mainly driven by growth from overseas business and also domestic sales of a new product, carbonated canned green apple flavored Carabao in 180ml (“Carabao Green Apple”), launched
cost reduction initiatives. Although, some variable cost returned after re-opening such as utilities, outsource services upon scale of business operations. Nonetheless, unnecessary expenses at
cost reduction initiatives. Although, some variable cost returned after re-opening such as utilities, outsource services upon scale of business operations. Nonetheless, unnecessary expenses at
synergies of the acquisition contributed to the growth in revenue while variable cost synergies (particularly on fuel specific consumption optimization) contributed positively to consolidated EBITDA
rise in excise tax while the selling price in major channels remains the same. However, the company has increased the selling price of RTD coffee in traditional trade and cash van since July 2018 which
especially RTD coffee which its cost per unit rose due to the rise in excise tax while the selling price in major channels remains the same. However, the company has increased the selling price of RTD coffee
especially RTD coffee which its cost per unit rose due to the rise in excise tax while the selling price in major channels remains the same. However, the company has increased the selling price of RTD coffee
forecast some of the factors that contributed to our over performance in the first half to ease towards the end of the year we look forward to a strong H2. On the cost side we face some headwinds in variable