[ET Net News Agency, 23 March 2020] Nomura lowered its target price for China Resources
Beer (CRB)(00291) to HK$46.4 from HK$47.4 and maintained its "buy" rating.
The research house said CRB's FY2019 revenue missed, but core EBIT was largely in line.
Heineken was the key positive, turning from a loss in FY2018 to positive net profit of
CNY145mn since its acquisition in April 2019, with a decent NPM (net profit margin) of
12.7% (versus 9.5% of CRB).
For January-February, sales and EBIT declined 26% and 42%, versus industry volume down
40%. Nomura estimated on-trade channels accounted for 50% of total volumes for CRB and
expects 1H sales to decline by 19%, with full recovery in 2H. (KL)
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00291 CRES BEER-500
Nominal 
32.500 -0.350 (-1.065%) Research Report
23/03/2020 17:26
{I-bank focus}Nomura lowers CR Beer (00291) to HK$46.4
| Remark: | Real time quote last updated: 19/04/2024 10:08 |
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