Launching Coverage of Kirin HD With Narrow Moat and Negative Moat Trend Ratings, FVE of JPY 2,600
We initiate coverage of Japanese leading brewers Asahi Group Holdings (Asahi) and Kirin Holdings (Kirin), and assign both names with 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 beer and beer-like volumes seems unlikely to be reversed. However, the coming liquor tax revisions will offe...Kirin Holdings is a holding company. Co., through its affiliates, is mainly engaged in the manufacture and sale of alcoholic beverages, soft drinks and foods. Co.'s products include low-alcohol (less than 10%) beverages of beer, happoshu (low-malt beer), new genre, chu-hai (cocktail of shochu with tonic water) drinks and non-alcohol of beer "Kirin FREE," as well as spirits, wine and other liquors; tea drinks in PET bottles, canned coffee, health drinks to provide amino acids, as well as lemon and other fruit drinks; and milk, dairy products, seasonings, freeze-dried soup and other functional foods. Co. is also involved in the manufacture and sale of pharmaceutical products.
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