21 July, 2004

UK: A broker has issued a negative research note on the UK brewing sector, according to dealers. Panmure Gordon has downgraded its rating for both Belhaven and Scottish & Newcastle.

In a note to clients, Panmure argued that it has an 'underweight' stance on the sector, saying that the preference for wine over beer and regulatory barriers have increased pressure on returns.

Panmure also pointed out that cost cutting is inevitable, but savings are being reinvested into brand building.

Regarding individual stocks, the broker reiterated its 'buy' ratings on Fullers and Greene King and maintained its 'sell' on Wolverhampton & Dudley, although it cut Scottish & Newcastle to 'sell' from 'hold' and Belhaven to 'hold' from 'buy'.

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