Taiwan subsidiary uplifts Asian growth outlook

Today’s announcement by The Artisanal Spirits Company that it has successfully launched a new subsidiary in Taiwan is important. The country is the world’s third largest market for Ultra-Premium Scotch Whisky globally, and thus one which should welcome the ASC’s unique offering of single cask malt whiskies. Moreover, the action is consistent with the ASC enjoying significant headroom for incremental revenue growth – notably through Asian expansion. We continue to argue that fair value for the shares is 150p, and Asian strength supports this view.