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2026-08-25 13:34:17 BOCOM International said CHINA RES BEER (00291.HK)'s core beer business achieved steady development in 1H26, with premiumization continuing to advance, although the cost side faced headwinds. Revenue for the first half rose 1.2% YoY to RMB24.2 billion, of which beer business revenue increased 2.2% YoY, reflecting overall stable performance. Beer sales volume grew 1.7% YoY, outperforming peers, while sales volume of premium and above products increased by more than 10% YoY, extending the premiumization trend. On the profit side, rising costs for packaging materials and other inputs created pressure on earnings release, while the baijiu business remained in an adjustment phase. Excluding gains related to the Shenzhen HQ, EBITDA for the first half declined about 1.2% YoY. Considering pressure from raw material costs and uncertainties surrounding the pace of demand recovery, the broker lowered its 2026-2028 earnings forecasts by 3% to 6% and cut the TP to HKD32. It still remains optimistic on the company's long-term beer premiumization strategy and maintained its Buy rating. CHINA RES BEER remains the broker's top pick in the beer sector. (da/a)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |