Wuliangye's 62% Operating Profit Increase in 3Q Beats Forecast; Raising FVE 25% to CNY 60
We are increasing our fair value estimate for wide-moat Wuliangye Yibin by 25%, to CNY 60 per share from CNY 48, as we fine-tune our revenue forecasts following the release of strong third-quarter results. The company’s third-quarter revenue showed 43% year-on-year growth, stemming from robust demand for National Day and Mid-Autumn Festival, and beat both the consensus' and our expectations. We've raised our five-year top-line growth forecast to a compound annual growth rate of 14.8% from 11.2%,...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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