Enviable profitability and mass market potential will drive Moutai through a tough period.
We are relaunching coverage of Kweichow Moutai or Moutai with a fair value estimate of CNY 350 per share and wide moat and stable moat trend ratings. Although the Chinese spirits industry has slumped since 2012 with government anticorruption and antiextravagance measures, Moutai’s strong brand equity makes the company more resilient amid industry headwinds. We remain optimistic about Moutai’s long-term business outlook, as middle class consumers have supplanted the government and military to bec...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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