Diageo’s (DGE LN, HOLD, T/P 2700p) brunchtime conference call with Sam Fischer, President of Diageo Greater China and Asia yesterday was interesting. The region – Diageo’s third largest at 20% of net revenue – should deliver the fastest pace of organic growth for the group in the next 2 years. The call confirmed our expectations of brisk sales growth and pointed further margin expansion for the region. We roll over our price target from calendar 2017 2018 and increased
