[ET Net News Agency, 24 March 2020] Goldman Sachs lowered its target price for China
Resources Beer (CRB)(00291) to HK$43 from HK$44 and maintained its "buy" rating.
Post CRB's in-line FY2019 result and investor briefing, the research house continues to
see high potential for long-term margin expansion, coming from its premium market share
gains and efficiency improvement.
Despite the short-term impact of the virus outbreak, CRB is confident about the recovery
trend in 2H and is fully prepared for its premium segment expansion. The company's focus
on Heineken expansion and cost savings benefits from the past 2 years should help it
deliver continued mix upgrades and a steady margin from 2H.
Goldman revised down its 2020-22 EPS forecasts by 3-7% to reflect moderately lower sales
growth, and now expects an 8% decline in 2020 EBIT (ex-impairments) followed by a strong
rebound in 2021, in line with company commentary and peer trends. (KL)
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00291 CRES BEER-500
Nominal 
32.300 -0.550 (-1.674%) Research Report
24/03/2020 17:37
{I-bank focus}Goldman Sachs lowers CR Beer (00291) to HK$43
| Remark: | Real time quote last updated: 19/04/2024 17:58 |
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