Lowering Kweichow Moutai’s Stewardship Rating to Poor; FVE Remains Unchanged at CNY 850
We downgrade our stewardship rating on Kweichow Moutai to Poor from Standard, as we believe its lax corporate governance practices and questionable ethics culture have yet to be addressed following repeated indiscretions. We believe the company has yet to establish a thorough supervisory mechanism to prevent the recurrence of corruption that may hurt company profits. Nevertheless, this stewardship rating change has no impact on our fair value estimate, and we still expect the company to grow sol...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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