Moutai’s Strong 1Q17 Result Beat Our Expectations; FVE Intact at CNY 400
Wide-moat Kweichow Moutai reported a strong first-quarter 2017 result that exceeded our expectations, with revenue up 33%, operating profit up 22%, and net income up 25%. Given that Moutai’s advance payments from distributors added 8% to CNY 19 billion during the quarter, we expect the robust demand for high-end Flying Moutai will persist for the next couple of quarters due to constrained supply. Its mid-end Moutai series liquor saw even stronger sales growth, boosted by successful marketing and...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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