We Raise CR Beer’s FVE to HKD 22.50 With Higher Profit Growth Forecast, but Shares Remain Overvalued
We are raising our fair value estimate for China’s largest brewer, China Resources Beer, or CRB, by 20% to HKD 22.50 per share from HKD 18.80 previously, after taking into account higher earnings forecasts, the time value of money, and the strengthening Chinese yuan. In addition to continuous product upgrades, CRB announced a price hike of approximately 10% on its mid- to high-end products in some of its sales regions in response to rising raw material costs. We revise up our five-year average r...
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