Reiterating our CNY 730 FVE on Kweichow Moutai’s Solid 1Q Results; Shares Slightly Undervalued
Wide moat-rated Kweichow Moutai’s strong first-quarter results were largely in line with our expectations, with revenue and net profit up 31% and 39% year on year, respectively. Although the top-line growth was slightly lower than our 36% full-year forecast, due to the 18% ex-factory price hike not fully factoring in throughout the period, the bottom line beat our forecast, driven by 3.7-percentage-point operating margin expansion.ÂWe reiterate our CNY 730 fair value estimate and maintain our w...
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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