China Consumer – Positive Takeaway from F&B Distributors
In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD
334 Views
CR Beer (291 HK) – Another Positive Year for 2023
ASP-wise, management expects a FY MSD increase YoY and this came in consistent to our expectation. The growth should also lead to a stable GPM for...
369 Views
CMBI Research Focus List (November Edition) – Our best high conviction stock ideas
In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...
423 Views
China Consumer – Lacklustre 4Q22E Outlook Despite Any Short-Lived Rally; Top Buy CRB/ Proya/ CTGDF
3Q wrapped up with 2 beats, 2 in-lines and 2 misses. We revised our 2022E earnings forecasts by -1 to -23%, and that put us roughly 5-25% below...
227 Views
CR Beer (291 HK) – Another Move to Tap into the Baijiu Market; yet with Near-Term Challenges
Considering an implied EV (at 100% stake) of RMB22.3bn and RMB1.3bn net profits achieved for 2021, the acquisition is valued at 17.0 P/E.
227 Views