Cia. de Bebidas das Americas, the Brazilian unit of Anheuser-Busch InBev NV, rose the most in three years amid speculation that the 12 percent selloff in the past three months was overdone even as earnings stagnated.
Shares of AmBev, as the company is also known, gained 5.8 percent to 82.80 reais today in Sao Paulo for the biggest advance since February 2010. The benchmark Ibovespa rose 1.9 percent.
First-quarter adjusted net income was 2.3 billion reais ($1.15 billion), little changed from a year earlier, according to data compiled by Bloomberg after AmBev released its earnings today. Revenue was 7.77 billion reais, below the average estimate of 8.3 billion reais among nine analysts surveyed by Bloomberg. Espirito Santo Investment Bank estimated sales would drop due to factors including lower beer consumption and a crackdown on drunken driving in Brazil.
“Since the end of last year, the stock’s been suffering because of the negative expectations for the first quarter,” Karina Freitas, an analyst in Sao Paulo at brokerage Concordia SA CVMCC, said by telephone. “There’s an expectation that even with a difficult scenario it will find a way to recover profitability. It’s much more about what’s to come than what they delivered.”
AmBev has lost 3.2 percent this year while the Ibovespa retreated 8.3 percent.