Despite Weak Consumer Sentiment, Heineken Will Strengthen CRB's Presence in the Premium Segment
We lower our 2018 full-year earnings forecast for no-moat China Resources Beer, or CRB, by 7% to CNY 1.94 billion to reflect the weaker beer consumption demand in the second half due to slowing economic growth. However, our fair value estimate is unchanged at HKD 25 per share, as our five-year profit growth CAGR remains at 27% driven by its collaboration with Heineken. By leveraging CRB’s strong nationwide distribution network, we expect to see a meaningful contribution from the Heineken brand i...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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