Morningstar - Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A (002304) Initiating Coverage of Jiangsu Yanghe With CNY 155 FVE and Wide Moat and Stable Trend Ratings

Report

Morningstar

Allen Cheng

Initiating Coverage of Jiangsu Yanghe With CNY 155 FVE and Wide Moat and Stable Trend Ratings

We are initiating coverage of Jiangsu Yanghe Brewery JSC with wide moat and stable moat trend ratings and a fair value estimate of CNY 155 per share, implying a 2018 adjusted P/E ratio of 30 and enterprise value/EBITDA of 19.5.
Yanghe has transformed from a second-tier regional baijiu maker into the third-largest distillery by revenue since its IPO in 2009. Its revenue reached CNY 20 billion in 2017, behind Moutai and Wuliangyeâ€™s CNY 58 billion and CNY 30 billion, respectively. Thanks to its str...

14/06/2018 12 EN

Underlying

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A

Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. is a China-based company, principally engaged in the production and distribution of liquor and related products. The Company produces liquor products and red wine products. The Company's major liquor offerings include Yanghe, Shuanggou and Siyang series. The Company primarily distributes its products within domestic markets, with Jiangsu Province as its main market.

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CNE100000HB8 Shenzhen Stock Exchange China

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Allen Cheng

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Initiating Coverage of Jiangsu Yanghe With CNY 155 FVE and Wide Moat and Stable Trend Ratings

JIANGSU YANGHE BREW.JST. 'A' receives two new qualifications and slightly improves to Neutral

Monthly LMI Update Independent Investment Research

Jiangsu Yanghe Brewery Js Co Ltd: 1 director sold

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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