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Equity Bottom-Up

China Resources Beer Holdings / Equity Bottom-Up

China Resources Beer (Holdings) Co's, or CRB's, 2015 result was largely within expectation, with 26% year-over-year growth in core net profit (excluding the impairment loss of HKD 178 million), to HKD 1 billion, or HKD 0.42 per share.It is worth highlighting CR Snow further expanded its market share by 1% to 25%, and increased its average selling prices by about 6% in 2015, despite the weak demand and intensified competition in China's brewing industry.Analysts: Jennifer Song &amp; Philip Zhong

China Resources Beer (Holdings) Co's, or CRB's, 2015 result was largely within expectation, with 26% year-over-year growth in core net profit (excluding the impairment loss of HKD 178 million), to HKD 1 billion, or HKD 0.42 per share.It is worth highlighting CR Snow further expanded its market share by 1% to 25%, and increased its average selling prices by about 6% in 2015, despite the weak demand and intensified competition in China's brewing industry.Analysts: Jennifer Song &amp; Philip Zhong

CRB's Strong 2015 Result In Line; The Acquisition of 49% CR Snow Drives FVE to HKD 15.

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

The ACCC could slow the $110 billion merger of beer giant AB InBev with peer SABMiller, an analyst tells CTFN, while conditions or a divestiture are likely needed to clear antitrust concerns in China, an antitrust source says.

The ACCC could slow the $110 billion merger of beer giant AB InBev with peer SABMiller, an analyst tells CTFN, while conditions or a divestiture are likely needed to clear antitrust concerns in China, an antitrust source says.

AB InBev-SABMiller Face Scrutiny in Australia and China

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

China Resources Beer Holdings / Event-Driven

In the past week and a few days, The&nbsp;proposed&nbsp;AB InBev transaction for SABMiller ("MegaBrew") has sent CRE NEWBREWCO from&nbsp;the equivalent of HK$12.25 pre-div (which was just below the Partial Offer price of $12.70), to $14.30 as of Friday's close ex-div - up 16.7%.Investors have decided CRE NEWBREWCO could potentially be "in play" in some way shape or form because SABMiller owns the 49% minority interest of CR Snow Breweries -&nbsp;the complement to CRE NEWBREWCO (291 HK)'s 51% stake. &nbsp;The possibilities are:<ul><li>No MegaBrew deal,</li><li>Megabrew causes a sale of the 49% stake to someone else,</li><li>MegaBrew causes a sale of the stake to CRE, and/or,</li><li>CRH walks away from CRE.&nbsp;</li></ul>Investors should think about what they are expecting... (or hoping&nbsp;for)More below the fold.

In the past week and a few days, The&nbsp;proposed&nbsp;AB InBev transaction for SABMiller ("MegaBrew") has sent CRE NEWBREWCO from&nbsp;the equivalent of HK$12.25 pre-div (which was just below the Partial Offer price of $12.70), to $14.30 as of Friday's close ex-div - up 16.7%.Investors have decided CRE NEWBREWCO could potentially be "in play" in some way shape or form because SABMiller owns the 49% minority interest of CR Snow Breweries -&nbsp;the complement to CRE NEWBREWCO (291 HK)'s 51% stake. &nbsp;The possibilities are:No MegaBrew deal,Megabrew causes a sale of the 49% stake to someone else,MegaBrew causes a sale of the stake to CRE, and/or,CRH walks away from CRE.&nbsp;Investors should think about what they are expecting... (or hoping&nbsp;for)More below the fold.

CRE NewBrewCo Outperforming on MegaBrew?   Sounds Thingish. Take a Page from Pooh

Having looked deeper into the potential merger between&nbsp;Anheuser-Busch InBev and SABMiller, we stand by our&nbsp;initial estimate of GBX 3,900-GBX 4,000 as the level at which&nbsp;AB InBev would neither create nor destroy value.This&nbsp;implies 10% upside to the current market valuation, which&nbsp;gives AB InBev some room to offer a premium to the current&nbsp;market price while still creating value.Valuation aside, we&nbsp;believe the combination of the world's two largest brewers&nbsp;(hereafter named "MegaBrew") would create a high-quality&nbsp;business with long-term growth opportunities.Analyst: Philip Gorham, CFA, FRMFull report below the fold.....

Having looked deeper into the potential merger between&nbsp;Anheuser-Busch InBev and SABMiller, we stand by our&nbsp;initial estimate of GBX 3,900-GBX 4,000 as the level at which&nbsp;AB InBev would neither create nor destroy value.This&nbsp;implies 10% upside to the current market valuation, which&nbsp;gives AB InBev some room to offer a premium to the current&nbsp;market price while still creating value.Valuation aside, we&nbsp;believe the combination of the world's two largest brewers&nbsp;(hereafter named "MegaBrew") would create a high-quality&nbsp;business with long-term growth opportunities.Analyst: Philip Gorham, CFA, FRMFull report below the fold.....

Payback Period Longer Than Previous Deals

Tsingtao Brewery Co Ltd A / Equity Bottom-Up

<ul><li>Tsingtao delivered disappointing results for the first half&nbsp;of fiscal 2015, primarily due to intensified competition in China&rsquo;s brewery industry, weak consumer sentiment and its high base in the same period last year.</li><li>Total revenue fell by 5.3% year over year as a result of a 7.4% sales volume decline, with operating profit down 14%.</li><li>We have slashed our 2015 and 2016 earnings estimates by 15% and 18%, respectively, and have lowered our fair value estimate from HKD 46 per share to HKD 37 per share.</li><li>However, we believe that the company&rsquo;s narrow moat, which is based on its strong brand, remains intact. This brand drives a price premium and has enabled the company to earn a return well above its 8.1% cost of capital during the past five years.</li></ul>Analyst: Jennifer SongFull report below the fold...

Tsingtao delivered disappointing results for the first half&nbsp;of fiscal 2015, primarily due to intensified competition in China&rsquo;s brewery industry, weak consumer sentiment and its high base in the same period last year.Total revenue fell by 5.3% year over year as a result of a 7.4% sales volume decline, with operating profit down 14%.We have slashed our 2015 and 2016 earnings estimates by 15% and 18%, respectively, and have lowered our fair value estimate from HKD 46 per share to HKD 37 per share.However, we believe that the company&rsquo;s narrow moat, which is based on its strong brand, remains intact. This brand drives a price premium and has enabled the company to earn a return well above its 8.1% cost of capital during the past five years.Analyst: Jennifer SongFull report below the fold...

Tsingtao Delivers a Disappointing First-Half 2015 Result

Hong Kong

China Resources Beer (Holdings) Company Limited is an alcoholic beverage retailer.

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China Resources Beer Holdings (291 HK)

CRB's Strong 2015 Result In Line; The Acquisition of 49% CR Snow Drives FVE to HKD 15.

China Resources Beer (Holdings) Co's, or CRB's, 2015 result was largely within expectation, with 26% year-over-year growth in core net profit...

Morningstar, Inc.

AB InBev-SABMiller Face Scrutiny in Australia and China

The ACCC could slow the $110 billion merger of beer giant AB InBev with peer SABMiller, an analyst tells CTFN, while conditions or a divestiture...

CTFN

CRE NewBrewCo Outperforming on MegaBrew? Sounds Thingish. Take a Page from Pooh

In the past week and a few days, The proposed AB InBev transaction for SABMiller ("MegaBrew") has sent CRE NEWBREWCO from the equivalent of...

Travis Lundy

Payback Period Longer Than Previous Deals

Having looked deeper into the potential merger between Anheuser-Busch InBev and SABMiller, we stand by our initial estimate of GBX 3,900-GBX 4,000...

Morningstar, Inc.

Tsingtao Delivers a Disappointing First-Half 2015 Result

Tsingtao delivered disappointing results for the first half of fiscal 2015, primarily due to intensified competition in China’s brewery industry,...

Morningstar, Inc.

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