CRB’s 93% Net Profit Increase in Line With Our Forecast, FVE Lifts to HKD 18.80 per Share
We increase our fair value estimate for no-moat China Resources Beer, or CRB, to HKD 18.80 per share from HKD 17.40 due to time value of money, following the release of its 2017 interim results, which were in line with our expectations. Thanks to favorable weather conditions and improving product mix, CRB’s revenue rose 3.7% year-on-year to CNY 15.77 billion for the first six months, which stemmed from 2.9% sales volume growth and 0.8% average selling prices hike. Net profit attributable to shar...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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