We Make Aggressive Revenue Growth Forecast for 2018 and Raise Wuliangye’s FVE by 12% to CNY 67
We make aggressive revenue growth forecast for 2018 and raise our fair value estimate for wide-moat Wuliangye Yibin by 12% to CNY 67 per share, given the stronger-than-expected demand for its premium liquors and the rapid retail store expansion, along with the time value of money. While we don’t expect a similar high percentage of ex-factory price increases as Moutai (up 18%) for Wuliangye, we anticipate the firm’s revenue to grow at 29% in 2018, on the back of 24% volume growth of its high-end ...
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