China's premium spirits brand profitability will erode in the long term.
Wide-moat Wuliangye Yibin reported strong preliminary first-half 2018 results that were slightly ahead of our projections. Revenue and operating profit increased 36% and 39% year on year, respectively, to CNY 21.2 billion and CNY 9.7 billion. This implied 34% revenue growth and 39% operating profit growth in the second quarter. We maintain our wide economic moat rating and retain our fair value estimate for Wuliangye at CNY 75 per share. We view the shares as slightly undervalued at current leve...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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