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| HSI1 | 26,749.51 | +119.55 | 240.87B |
| HSCEI1 | 9,160.81 | +46.51 | 87.55B |
| Back Zoom + Zoom - Block Traded | |
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2026-01-23 10:03:52 Although CHINA RES BEER (00291.HK)'s on-trade channel remains under pressure (with revenue contribution dropping to about 35%), the Company showed resilience in overall sales last year, benefiting from mid-single-digit growth in the off-trade channel, according to CMSI's research report. Specifically, product performance was mixed, with Heineken maintaining strong momentum (growth rate of about 20%), SuperX achieving single-digit growth, and low-end products recording slight positive growth due to the advantage of the off-trade channel, exceeding expectations. The core remains that the Company's profit thesis remains intact. Given the weak performance of the baijiu business, CMSI slightly lowered its FY2025/ 2026 revenue forecasts by about 2%, maintained its beer business forecast basically unchanged. The broker also dropped its target price from $33.5 to $31, based on a projected EV/EBITDA of about 9x for end-2026, consistent with the average level since 2023, with rating kept at Overweight. ~ AASTOCKS Financial News Website: www.aastocks.com | |