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RTNominal down53.650 -0.350 (-0.648%)

09/07/2020 11:13

{I-bank focus}Morgan lifts China Resources Beer to HK$54

[ET Net News Agency, 9 July 2020] Morgan Stanley lifted its target price for China
Resources Beer (CRB)(00291) to HK$54 from HK$42 and maintained its "overweight" rating.
The research house raised its recurring net profit estimates for CRB by 2%/4%/6% for
2020/21/22. Morgan also lifted its sales forecasts by 5.9% for 2020 and 4.1% for 2021 on
expectation of a quick rebound in consumption.
Morgan expects CRB to exhibit an increasing presence in the premium segment after its
collaboration with Heineken and the recent launch of Heineken Silver, leveraging its
strong execution capability. There should be ample room for margin expansion and
efficiency improvements as operations fully integrate between CRB and Heineken to create
synergies. (KL)

Remark: Real time quote last updated: 07/08/2020 17:58
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