Kweichow Moutai’s 1Q 2019 Profits Slightly Higher Than Preliminary Number; Raising FVE to CNY 850
Wide-moat Kweichow Moutai’s first-quarter official results were slightly better than the preliminary numbers, with revenue and net profit growing 22% and 32% year on year, respectively, compared with the 20% and 30% growth previously announced. While sales volume grew 7%, the stronger revenue growth stemmed from the greater mix of higher priced nonstandardized products, particularly zodiac liquor. However, we think revenue growth will decelerate for the rest of the year, as we expect the contrib...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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