Raising Wuliangye’s FVE to CNY 80 Following Strong 2Q Results; Shares Are Undervalued
While we maintain our wide moat and stable trend ratings for Wuliangye Yibin, we are raising our fair value estimate by 7% to CNY 80 per share from CNY 75 following its upbeat first-half 2018 result, mainly owing to a higher revenue growth forecast and the time value of money. We increase our five-year revenue CAGR forecast to 16.2% (from 15% previously), as we are more optimistic for the growth of the company’s premium liquors. Meanwhile, we lower our average operating profit margin slightly to...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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