Moutai’s 4Q 2018 Results Were Upbeat; Raising Our FVE to CNY 830 from Sustainable Profit Growth
Wide-moat Kweichow Moutai reported 2018 full-year results, surpassing its preliminary numbers, with underlying revenue and net profit up 26.5% and 30% year on year, respectively, versus the previous 23% and 25% growth guidance. This implied revenue and net profit growth in the fourth quarter accelerated again to 34% and 48% year on year, respectively, compared with 4% and 3% in the third quarter. The promising growth was attributable to an increase in sales of higher-priced nonstandardized produ...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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