In late September, the company launched cold storage solutions to support COVID-19 vaccine distribution. And it's simply, again, too early to tell if the agave price super cycle, if we can call it that, is beginning to reserve -- to reverse itself. All rights reserved. de C.V. - General Director of Mexico & Latam [37] -------------------------------------------------------------------------------- Thank you, Fernando. But actually, if we look at it in peso terms, it was not as much of a decline maybe as you would think. de C.V. - CEO, GM & Proprietary Director [3] -------------------------------------------------------------------------------- Good morning, and thank you for joining us today to discuss Becle's second quarter results. First, I mean, how should we be thinking about the rephasing of these expenses in the back half of the year? de C.V. - SVP of Commercial Strategy for Proximo Spirits ================================================================================ Conference Call Participants ================================================================================ * Benjamin M. Theurer Barclays Bank PLC, Research Division - Head of the Mexico Equity Research & Director * Fernando Olvera Espinosa de los Monteros BofA Merrill Lynch, Research Division - Associate * Miguel Angel Tortolero GBM Grupo Bursátil Mexicano, S.A. de C.V. Casa de Bolsa, Research Division - Research Analyst * Peter K. Grom JPMorgan Chase & Co, Research Division - Analyst * Ricardo L. Alves Morgan Stanley, Research Division - Equity Analyst ================================================================================ Presentation -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- Good morning and thank you for joining Becle's second quarter unaudited financial results call. The only thing we can tell you at this stage is that in the past few months, we have started to see prices flattening or stabilizing and, in some cases, even going down. I mean, I don't know if it's possible to -- I mean, if you can share what was the trend of whiskey in July. Given the uncertainty regarding the business outlook, we are not providing full year volume growth guidance at this stage. -------------------------------------------------------------------------------- Operator [38] -------------------------------------------------------------------------------- Ladies and gentlemen, we have reached the end of the question-and-answer session. We acknowledge the challenges the market presents today, but are confident on our ability to maintain our growth and our ability to premiumize the portfolio of brands in the long term. We're very well positioned with our portfolio with tequila and ready-to-drinks, and our whiskey business is doing very well. The shortage is driving up prices of tequila at retail stores as well as at restaurants and bars serving drinks made from the spirit. And so while there might have been an initial lull because people were nervous and didn't want to be out shopping, I don't see that right now. And our current thinking, as Mike very well explained and articulated, as things reopen and we reengage with the different events and brand sponsorships, our intent is to be closer to the 20% full year. Why choose between big stock gains and rising dividends? So it really has to do with how we start planning out next year. The shares have an average price target of $53.33, which implies a 12-month upside of 59% from the trading price of $33.39. Income investors can still look to financials. Spurred by the challenges of change management and Covid-19, internal communications is emerging fro ... Intelligence and insight from across the PR world. Lastly, we believe EchoStar's recently announced collaboration with Inmarsat to provide capacity for In-Flight Connectivity should provide over time high margin cash flows, and we note the deal is not exclusive.”These comments back another Strong Buy rating, and Prentiss’s $57 target price indicates room for 123% growth in the next year. -------------------------------------------------------------------------------- Operator [12] -------------------------------------------------------------------------------- Our next question is from Ben Theurer with Barclays. “At more than 20 pesos per kilo, it’s impossible to compete with other spirits like vodka and whiskey,” said Salvador Rosales, manager of smaller producer Tequila Cascahuin, in El Arenal, a rural town in Jalisco. And regarding -- can you repeat your question regarding Eire Born Spirits? Nothing unusual so far.> > -- Elon Musk (@elonmusk) November 13, 2020The CEO also said on social media that he was opting to get polymerase chain reaction (PCR) tests from another laboratory and that it would take 24 hours to get the results.> If it's happening to me, it's happening to others. Here’s what to do now. And Britain’s Diageo swapped its Bushmills Irish whiskey label for full ownership of the high-end Don Julio tequila in 2014. The latest PR news from PRovoke Media, previously known as the Holmes Report. Perfect. And rising prices are leading to growing theft, driving out smaller producers, said Jose de Jesus, a producer of blue agave in Tepatitlan. AMATITAN, Mexico – In the heartland of the tequila industry, in Mexico’s western state of Jalisco, a worsening shortage of agave caused by mounting demand for the liquor from New York to … AMP expenses decreased 14.2% to MXN 1.3 billion when compared to the second quarter of 2019. These impacts are only magnified by the challenging macroeconomic state of the country and the resulting shift towards less expensive liquors and value brands. Our partners are great partners, and they are -- they have helped us aggressively promote this wonderful product. We continue to monitor the shift in consumption patterns and adapt to this changing business environment. -------------------------------------------------------------------------------- Michael J. Keyes, Proximo Spirits, Inc. - President & CEO [25] -------------------------------------------------------------------------------- And the only other thing I'd say before I turn it over to Fernando is, obviously, because of their price on the shelf, our RTD business isn't as profitable as our full proof tequila business. PRovoke's coverage & events from the World Economic Forum in Davos. If you could give some color on today's contribution in terms of 9-liter cases. Look out below: Horrifying pic shows snake eel burst out of bird's stomach in... Lured by luxury deals, here's where diehard New Yorkers are moving, Hillsong pastor who fired Carl Lentz puts NYC branch under investigation. “If you sell value, the costs don’t worry you,” Soltero said. And how much consumption shifted back to bars and restaurants, if at all? We don't know if this is a trend that will sustain itself. (To watch Prentiss’s track record, click here)This stock also holds a Strong Buy rating from the analyst consensus, based on 3 unanimous Buy reviews set in recent weeks. de C.V. - CFO [26] -------------------------------------------------------------------------------- And I would just follow up with Mike and Steve's comment. (See VSAT stock analysis on TipRanks)EchoStar Corporation (SATS)Last but not least is EchoStar, another satellite operator. And our portfolio fits very nicely with the situation that we're in right now, both from a category standpoint with tequila and ready-to-drinks and whiskey, but also we're uniquely positioned, I think, in the off-premise. The current economic state is pushing investors to Gold... China's internet watchdog has drafted rules for the first time to regulate the country's livestreaming marketing industry, stepping up scrutiny on e-commerce marketplaces belonging to the likes of tech giant Alibaba Group and JD.Com. -------------------------------------------------------------------------------- Benjamin M. Theurer, Barclays Bank PLC, Research Division - Head of the Mexico Equity Research & Director [13] -------------------------------------------------------------------------------- Can you hear me? Master of Mixes Margarita Drink Mix, Ready To Use, 1 Liter Bottle (33.8 Fl Oz), Individually Boxed 4.5 out of 5 stars 106. So I think NABCA is very telling when you look not only at our business, but a competitor's business of that shift that Mike spoke about. I think the only thing that I would add is the incremental cases over what we would have expected primarily came from the RTD and the mix and a little bit from 1.75s of Especial and 1800. It's certainly -- it's up significantly in the off-premise channel against, Steve, I think I can say, our entire brand portfolio. -------------------------------------------------------------------------------- Michael J. Keyes, Proximo Spirits, Inc. - President & CEO [32] -------------------------------------------------------------------------------- Yes. But given the strong volume growth, I mean, do you think the company has found a way to be more efficient with AMP, even as we move past the pandemic? Shares are priced at $18.73 and the average target of $34.83 suggests a one-year upside of 85.5%. -------------------------------------------------------------------------------- Operator [6] -------------------------------------------------------------------------------- Our next question comes from Andrea Teixeira with JPMorgan. In-depth annual research into the PR industry's efforts to raise creative standards. These statements may relate to our future prospects, developments and business strategies that may be identified by our use of terms and phrases such as anticipate, believe, could, estimate, expect, intend, may, plan, predict, project, will, goals, target, strategy and similar terms and phrases and may include references to assumptions. And then also if you could give just a little bit of your overview of how shipments is kicking off into the third quarter. Latest video interviews and campaigns from PRovoke, previously known as the Holmes Report. Meanwhile a Warren Buffett stock passed a buy point.