Morningstar - Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A (002304) Yanghes 1Q Results Slightly Higher Than Expected; Shares Undervalued vs. Our CNY 140 FVE

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Morningstar

Allen Cheng

EUR 100.00 For Business Accounts Only

Yanghe's 1Q Results Slightly Higher Than Expected; Shares Undervalued vs. Our CNY 140 FVE

Wide-moat Jiangsu Yangheâ€™s 15.7% net profit growth in the first quarter was slightly ahead of our estimate, driven by strong sales growth for the brewery's premium Dream Blue liquor. Revenue growth of 14.2% was better than our expectation, fueled by double-digit growth outside of Jiangsu province, while sales growth decelerated to single digits in Jiangsu province. Weâ€™re raising our fair value estimate to CNY 140 per share from CNY 136 after tweaking our revenue and gross margin assumptions. We ...

02/05/2019 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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Yanghe's 1Q Results Slightly Higher Than Expected; Shares Undervalued vs. Our CNY 140 FVE

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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