Yanghe's 3Q Profit Slightly Short of Our Forecast; Cutting FVE to CNY 136
Thanks to strong sales volume growth of its premium liquor, Blue of Dream, wide-moat Jiangsu Yanghe Brewery JSC’s CNY 5 billion net profit, up 28% year on year, in the first half of 2018 was ahead of our forecast. Revenue grew 26% to CNY 14.5 billion, stemming from promising 30% top-line growth outside of Jiangsu, as a positive outcome of its "new Jiangsu" market expansion strategy. The home market of Jiangsu Province also accomplished impressive revenue growth, with sales rising 20% from the ye...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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