Demand for Wuliangye Liquor Stronger than Expected; Raising our FVE to CNY 85
Wide-moat Wuliangye Yibin’s 2018 results were in line with the company’s preliminary numbers, with revenue and net profit up 32.6% and 38.4% year on year, respectively. We’re raising our fair value estimate to CNY 85 per share from CNY 80, as we revise up our revenue growth forecast for its high-end baijiu segment, mainly reflecting our high conviction on volume growth in 2019. In the meantime, profitability will be further improved from a favorable product mix. We maintain our wide moat rating ...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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