China Resources Beer Posts Better-Than-Industry 2H Results; FVE Lifts to HKD 17.40 from HKD 16.90
We are raising our fair value estimate for China Resources Beer, or CRB, to HKD 17.40 from HKD 16.90 per share to account for an increase in our sales forecast for the next five years. Despite industry headwinds on China’s decelerating economy growth and intensifying competition among brewers remaining challenging, we expect CRB, China’s largest brewer, to grow above the industry average and expand its market share in the medium term, with an average revenue growth rate of 4.6% through 2021. Add...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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