Kweichow Moutai Posted in Line Preliminary Results in 2Q; Raising FVE Slightly to CNY 880
Wide-moat Kweichow Moutai reported second-quarter preliminary results that were in line with our forecasts, with revenue and net profit up 11% and 20% year on year, respectively. We are raising our fair value estimate to CNY 880 per share from CNY 850, mainly because of the time value of money. Meanwhile, we revised up our operating margin forecasts, because we expect the sales contribution from the direct sales channels (higher selling prices) will continue to increase, following the newly est...Kweichow Moutai is engaged in the manufacture and sale of "Guizhou Moutai" series distilled spirits; manufacture and sale of beverages, food and packaging materials; development of anti-counterfeiting technologies; and research and development of relevant IT products. Through its subsidiaries, Co. is also engaged in the wholesale of agricultural vice-local products, building materials, decoration materials, metal materials, machineries, electronic products, telecommunication products, hardware, rubber products, general merchandises and furniture. Co.'s products include millesimes liquor, gift liquor, common liquor and other liquor series.
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