CRB’s 2H17 Results Were Largely in Line, but Shares Look Unattractive to our HKD 22.50 FVE
No-moat China Resources Beer’s, or CRB’s, second-half 2017 results were largely in line with our expectations. CRB’s full-year 2017 revenue increased 3.6% from a year ago to CNY 29.7 billion, stemming from 0.9% sales volume growth and 2.7% average selling price hikes. Although the overall Chinese beer volume consumption remained soft in 2017, CRB enjoyed faster-than-industry revenue growth and market share gains, driven by increasing demand for its premium products. We were also encouraged by ma...China Resources Beer Holdings Company is a property investment and investment holding company. Co. is principally engaged in retail, beverage, and food processing and distribution, textile and property investment businesses. Through its subsidiaries, Co. is engaged in supermarket operations; wholesale of merchandise; wharf and godown services; manufacturing and distributing beer products; distribution of fresh, live and frozen foodstuff, abattoir operation, acting as food agent; marine fishing and provision of ship stores and fishing supplies; and financing.
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