CRB's Strong 1H Result Boosted by Higher ASP; Raising FVE to HKD 25, but shares Remain Unattractive
No-moat China Resources Beer, or CR Beer, posted an upbeat first-half 2018 result slightly ahead of our projections, with revenue and net profit up 11% and 29% year on year, respectively. Despite sales volume dropping 1.5% year on year to 6.21 billion kiloliters, revenue increased 11% year on year to CNY 17.6 billion, driven by 13% average selling price, or ASP, growth on the back of price hikes and better product mix. Higher-end products, such as Brace the World Super X and Lianpu, saw strong s...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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