Kweichow Moutai’s 1Q 2019 Preliminary Results Beat Our Expectations; Shares Are Fairly Valued
Wide-moat Kweichow Moutai posted first-quarter preliminary results that exceeded the market’s and our expectations, with revenue and net profit increasing 20% and 30% year on year, respectively. We attribute the strong performance to the increasing sales mix in the direct sales channels and from higher-end nonstandardized zodiac liquors. Meanwhile, the midseries liquors also delivered strong growth (up 26%) in the first quarter.ÂThat said, we keep our medium-term earnings forecast unchanged and...
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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