Wuliangye’s 1Q17 Result Was Slightly Better than Expected; Shares Overvalued to our CNY 40 FVE
Wide-moat Wuliangye Yibin reported first-quarter 2017 earnings of CNY 3.6 billion, up 24% year on year, and slightly better than our expectations. This strong result stemmed from a 15% revenue growth and a 370-basis-point operating profit margin improvement versus the prior-year period, thanks to a lower selling, general, and administrative expense ratio. Although Wuliangye’s top-line growth fell behind its major rival Kweichow Moutai’s 33% during the quarter, it still outstripped the industry a...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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