Launching Coverage of Asahi Group With Narrow Moat and Negative Moat Trend Ratings, FVE of JPY 6,000
We initiate coverage of Japanese leading brewers Asahi Group Holdings (Asahi) and Kirin Holdings (Kirin), and assign both brand a narrow moat and negative moat trend ratings. We view Asahi as undervalued with a healthy upside of 24% to our fair value estimate of JPY 6,000 and Kirin as fairly valued with a modest 10% upside to our fair value estimate of JPY 2,600. The secular decline in the beer and beer-like volume seems unlikely to reverse. However, the coming liquor tax revisions will offer br...Asahi Group Holdings is a holding company. Co. and its subsidiaries are engaged in the manufacture and sale of alcoholic beverages, including beer, low-malt beer (happoshu), distilled spirits (shochu), wines and whiskey, as well as soft drinks and chilled beverages in its soft drinks business, along with baby foods, supplements and other products in the food business. Co.'s principal brands include "Asahi Super Dry," "Asahi Super Dry Back," "Asahi Dry Premium," "Asahi Style Free," "Asahi Dry Zero," "Clear Asahi," "Kanoka," "Black Nikka," "WONDA," "Mitsuya Cider" and "Calpis." Co. is also engaged in the manufacture and sale of beer and other alcohol products, and soft drinks in overseas.
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