Wuliangye’s Fourth-Quarter Results Beat Our Expectations, Raising Our Fair Value Estimate to CNY 80
Wide-moat Wuliangye Yibin’s third-quarter results came in below our forecasts, with revenue and net profit growing 23.2% and 19.6% year on year, respectively, to CNY 7.83 billion and CNY 2.38 billion. Although ex-factory price increased 6%, top-line growth decelerated in the third quarter compared to 37% sales growth in the first-half, mainly owing to weaker-than-expected demand in the Mid-Autumn Festival and National Day holidays, as well as a high base (43% sales growth) last year. Sales volum...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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