China Resources Beer’s 2H 2018 Profit Miss Due to One-Off Writedown for Production Optimization
We are lowering our fair value estimate for no-moat China Resources Beer to HKD 23 per share from HKD 25, after taking account into worse-than-expected 2018 net profitsthat were dragged by two nonrecurring provisions for production capacity optimization and for the new employment annuity plan. Management expects the company’s profitability will be improved from the factory consolidation in the long term. However, we don’t expect to see a meaningful positive impact over the next five years. We re...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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