[ET Net News Agency, 23 March 2020] Daiwa Research lowered its target price for China
Resources Beer (CRB)(00291) to HK$45 from HK$52 and maintained its "buy" rating.
The research house said CRB's 2019 EBITDA came in at CNY5.87bn, 5% below Daiwa's
expectations mainly due to a lower sales volume in 2H. Daiwa cut its 2020-21 EPS estimates
by 15-18% on a likely lower sales volume due to COVID-19.
Daiwa said all of CRB's factories have reopened (its Wuhan factory has just re-opened)
and management expects operations to resume in full by end-April. While restaurants in
China have started to reopen, management expects industry revenue growth to gradually
improve to a normal level only by June when the summer season arrives and the nightlife
channel opens. (KL)
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00291 CRES BEER-500
Nominal 
32.300 -0.550 (-1.674%) Research Report
23/03/2020 11:21
{I-bank focus}Daiwa slashes CR Beer (00291) to HK$45
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