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Bank of China International: Feedback from the Spring Sugar and Wine Fair is lukewarm, and the differentiation between brands is intensifying.
The overall feedback from the spring sugar and wine fair is lackluster, and the differentiation among brands has intensified. The Sector is entering a performance verification period, with leading beverage companies performing exceptionally well; in the Leisure snacks sector, investment opportunities under the transformation of industry leaders are worth paying attention to.
Deutsche Bank: Upgraded CHINA RES BEER's Target Price to HKD 41.9, maintaining a "Buy" rating.
Deutsche Bank released a Research Report stating that CHINA RES BEER (00291) saw a year-on-year decline of 1% in the group's revenue in the second half of last year, amounting to 14.9 billion yuan. The beer Business experienced a year-on-year decrease of 0.4% to 13.9 billion yuan, while the Baijiu(Chinese Liquor) Business fell 11% to 1 billion yuan, which was in line with expectations. The group reported a net profit of 34 million yuan in the second half, slightly lower than expected, mainly due to government subsidies being lower than anticipated. The annual dividend reached 2.5 billion yuan, indicating a payout ratio of 52% (excluding special dividends, the payout ratio for 2023 is 40%). The bank has raised the company's EBITDA forecast for the years 2025 to 2027 on average.
[Brokerage Focus] BOCOM INTL maintains Buy rating on CHINA RES BEER (00291), stating that its beer and Baijiu(Chinese Liquor) business perform better than the Industry.
Jinwu Financial News | BOCOM INTL Research Reports indicate that CHINA RES BEER (00291) expects revenue for the entire year of 2024 to remain the same year-on-year. The gross margin increases by 1.2 percentage points to 42.6%. Shareholders' profit attributable decreases by 8.7% year-on-year. The full-year dividend payout ratio reaches 52%. The business of high-end products continues to develop, significantly boosting the gross margin. The report states that the beer and Baijiu(Chinese Liquor) businesses perform better than the Industry. In the beer business, despite a slowdown overall in the high-end process of the Industry, the company's high-end beer series (priced at 10 yuan and above) shows a year-on-year sales growth of over 9%. Although beer business sales decline by 2.5%, the high-end product portfolio.
Nomura Adjusts China Resources Beer (Holdings)' Price Target to HK$40.90 From HK$40.10, Keeps at Buy
[Brokerage Focus] Guo Zheng International maintains a Buy rating on CHINA RES BEER (00291) and is Bullish on the company's development prospects, indicating that it is currently extremely undervalued.
Jingu Financial News | Guozheng International issued a Research Report stating that CHINA RES BEER (00291) is expected to achieve total revenue of 38.635 billion yuan in 2024, a year-on-year decrease of 0.8%; net income is expected to be 4.76 billion yuan, a decrease of 8.7% year-on-year, and EBIT excluding extraordinary income and expenses is expected to be 6.34 billion yuan, a year-on-year increase of 2.9%. The report mentions that in 2024, on one hand, consumer sentiment is relatively weak, especially the demand in the Dining and nightlife channels is lackluster, and on the other hand, during the peak season from July to September, the weather across the country is expected to be cooler, impacting beer consumption. Against this backdrop, overall sales volume is expected to drop by 2.5%, but sales volume above the premium category is expected to grow by 9% year-on-year.
Nomura: Raises the Target Price of CHINA RES BEER to HKD 40.9 and reiterates the "Buy" rating.
Nomura released a Research Report stating that under the high-end strategy, CHINA RES BEER (00291) should be able to maintain revenue and profit recovery in the fiscal year 2025, with a year-on-year increase of 6% and 13% respectively. The bank believes the worst situation may have passed, thus raising the Target Price from HKD 40.1 to HKD 40.9, with a potential upside of 36%, reaffirming the "Buy" rating. The report indicates that the group's revenue and profit for the fiscal year 2024 are expected to decrease by 1% and 8% year-on-year, to RMB 38.6 billion and RMB 4.7 billion respectively, which is 4% and 15% lower than Bloomberg's expectations, mainly due to resistance faced by the entire industry. Although the base is relatively large,
