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In a competitive market, economic moat is the key to earn a superior return over the long-term. CCL's moats, namely extensive distribution networks and brand, set up a high barrier to entry and sustainable over the long term. In addition, growth opportunities in Indonesia and beer market are medium-term share price catalysts. If one takes a L/T approach, current valation offers an attractive entry point. However, the stock price may subject to S/T volitities, gradually accumulate the shares may not be a bad idea. As usual, DYOR.