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Two Blokes Sat at 3:15 PM -
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Both giants face a secular decline in sugary drink/salty snack demand, as they embark on numerous portfolio renewals to offer expanded better-for-you offerings. Combined with the uncertainties from the developing tariff war and the impacted consumer discretionary spending trends, we believe that their reversal may be prolonged indeed. This is worsened by their higher reliance on debt at a time of expensive borrowing cost environments, albeit well balanced by their rich cash flow generations.
