Wuliangye’s 4Q17 and 1Q18 Profits Were Ahead of Our Expectations; Raising Our FVE to CNY 75
Wide-moat-rated premium baijiu manufacturer Wuliangye Yibin reported its fourth-quarter 2017 and first-quarter 2018 results together on April 28. Both of the bottom lines were ahead of our expectations, owing to higher margins on the back of a lower-than-expected selling expense ratio, while sales were largely in line with our forecasts.We increase our fair value estimate by 12% to CNY 75 per share from CNY 67 to reflect higher margins and the time value of money, while maintaining our wide moa...
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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