Wide Moat Moutai’s Long-Term Growth Remains Intact Despite Margin Miss in Q3; Retain FVE at CNY 350
Wide moat-rated Kweichow Moutai continued to track our expectations in the third quarter, with sales up 14.8% and net income up 3.6% year over year, respectively. Despite the operating margin missing our forecast, owing to a higher business tax, we saw a very strong demand for Moutai, backed by a significant increase in the advance payment receipts, which added CNY 5.9 billion or 51.5% sequentially in the third quarter. Thus, we believe Moutai’s superior brand asset will lead with a faster-than-...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.