Moutai's Superior 3Q Results Stem From Strong Volume Growth; Raising FVE 30% to CNY 610
We are increasing our fair value estimate for wide-moat Kweichow Moutai by 30%, to CNY 610 per share from CNY 470, as we make aggressive forecasts for revenue and net profit growth following the release of strong third-quarter results. Moutai’s 116% and 132% year-on-year growth in revenue and operating profit, respectively, coming from robust organic volume growth for National Day and Mid-Autumn Festival, exceeded both consensus and our forecasts. We have raised our five-year revenue forecast to...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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