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1、Completed16Feb201806:17PMESTDisseminated16Feb201806:17PMESTNorthAmericaEquityResearch16February2018USBeveragesandHouseholdProductsLittleNewsandWarmWeather:WhattoExpectfromSunnyBocaRatonNextWeekWearepreviewingthemaintopicsthatwilllikelybediscussednextweekattheBeverage,Household&PersonalCAGNYco
2、nferenceinBocaRaton.Wedon’texpectbignewsasmostcompaniesCareProductsalreadydisclosedtheirguidancefortheyearandtaxreform(detailedtablesAndreaTeixeira,CFAACinside)inaveryeventfulearningsseason(inparticularforHPC).Thatsaid,we(1-212)622-6735expectmostmanagementteamstobeaskedtoelaboratemoreon(1)the
3、currentandrea.f.teixeira@jpmorgan.comcompetitiveenvironmentandretail(customer)landscapeamidincreasedonlineBloombergJPMATEIXEIRAcompetitionandpricingtransparency;(2)theuseofextracashfromtaxreform;PeterKGrom(3)EMvs.DMperformanceformultinationalswiththeweakeningdollarbutalso(1-212)622-4876pe
4、ter.k.grom@jpmorgan.comincreasedlocalcompetition;and(4)commodityandtransportationcostpressures.ChristinaBrathwaite,CFASevencompaniesinourcoveragewillpresent(seesidetable).Includedinthe(1-212)622-0149reportaredetailedCAGNYpreviewsforeachcompanyaswellastableschristina.m.brathwaite@jpmorgan.comr
5、eflectingthelatestguidanceforeach.J.P.MorganSecuritiesLLC?Coca-Cola(N).SimilartothetonefromKO’sAnalystDayinNovemberaswellasCAGNYayearago,wewouldexpectCEOJamesQuinceytotalkaboutTable1:Covered*Cos.PresentingTheCoca-ColaCompanybecomingatotalbeveragecompanyandplanstoKO20-Feb10:00amacceleratetop-l
6、inegrowth.Inourconversationswithinvestors,wethinksomePEP21-Feb2:00pmskepticismremainsthatKOwillbeabletodeliveratthetopofits+4-6%long-STZ21-Feb3:00pmtermorganicrevenuetargetgiventhecompany’sproductmixstillskewstowardthesparklingcategory(particularlywithinitialorganicrevenueguidanceofPG22-Feb9:
7、00am+4%for2018).WewouldexpectMr.QuinceytohighlighttherecentsuccessofNWL22-Feb1:00pmproductinnovations(CokeZero,newDietCokeflavors),plansforfutureCL23-Feb8:00aminnovation,andpotentialcategoriesofinterest.WiththebottlerrefranchisinginCHD23-Feb1
