Wuliangye Posts In-Line Q3 Result; Relaunch Coverage With Wide Moat, Stable Trend, and CNY 38.50 FVE
We are relaunching coverage of Wuliangye Yibin with a fair value estimate of CNY 38.5 per share and wide moat and stable trend ratings. Wuliangye continued to track our expectations in the third quarter, with revenue up 13.5% and net income down 7% year on year. Wuliangye has further increased its ex-factory price, from CNY 679 to CNY 729 per bottle, and the advance payment receipts increased significantly, as distributors made payments ahead of the price hike in September. We now forecast Wulia...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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