1Q Result Beat Again; Raising Wuliangye’s FVE to CNY 94 From Higher Profit Growth
Wide-moat-rated premium baijiu distiller Wuliangye Yibin posted strong first-quarter results exceeding our forecasts, with revenue up 27% and net profit up 30% from the prior year. We’re raising our fair value estimate to CNY 94 from CNY 85 from higher profit growth forecast, as we revise up our assumptions on the revenue growth and gross margins. We expect the average selling prices and gross margins will advance, buoyed by its new high-end product launches and its strategies in consolidating i...Wuliangye Yibin is engaged in manufacture and sale of "Wuliangye" liquors and other series of alcoholic drinks. Through its subsidiaries, Co. is also engaged in the supply of raw materials; packaging and publication printing; investment activities; provision of parking service; and manufacture and sale of industrial-used steams, fine chemicals, fruit wines, white wines, white carbon, and black and lactic acids.
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