In consumer staples, Asahi Group Holdings (TSE:2502), the Japanese beer and beverage maker, performed well as investors warmed up to the company’s mid-term strategy of divesting out of less profitable businesses in Indonesia and China, and shifting their focus to M&A in Europe where they have already established themselves as a serious player in the beer market. The company also plans to sell its Japanese soft drink unit, LB Co, Ltd. More interestingly, after almost a decade, Asahi is planning to raise prices by 10% for alcoholic beverages sold in returnable containers in Japan.
From the Polaris Global Value Fund fourth quarter 2017 shareholder letter.
