Moutai’s Sales Upbeat From Solid High-End Baijiu Demand; FVE Increases to CNY 470 From CNY 400
We are lifting our fair value estimate for wide-moat Kweichow Moutai to CNY 470 per share from CNY 400, following the release of its upbeat second-quarter result, driven by strong organic volume growth. We increase Moutai’s five-year revenue growth forecasts to a CAGR of 16.2% from 11.1% previously, stemming from higher volume growth and the prospect of a hike in ex-factory prices, though we expect operating margins to slide from a higher business tax rate and an increased selling expense ratio....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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