Raising Kweichow Moutai's FVE to CNY 730 After Better-Than-Expected Fourth-Quarter 2017 Results
We lift our fair value estimate for wide-moat Kweichow Moutai by 10.6% to CNY 730 per share from CNY 660, after taking into account better-than-expected 2017 results and the time value of money. Our long-term optimistic outlook is intact. We believe Moutai will continue to benefit from the ongoing premiumization trend as more consumers are trading up to premium baijiu, and it will dominate the premium segment and enjoy the highest returns on invested capital among local peers, underpinned by its...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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