Given a more muted outlook ahead, we lower our 2018 to 2020 earnings per share forecasts by between 20.9% and 22.7% to account for a higher feed cost, lower retail sales and higher labour costs. Accordingly, our sum-of-parts-based TP is lowered to 98 sen but our “add” call is maintained. We value CCK at a 2020 forecast price-earnings (PE) ratio of 18.3 times, a 30% discount to our consumer sector average target PE of 22.8 times for 2019. Take note that we rolled over our valuation to 2020. — CGSCIMB Research, Nov 9