HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Henan Kingstar Brewery / Equity Capital Markets

<ul>
<li>The craft beers will eventually solidify into a stable niche category, and the window period for the market dividends brought by individual products may only last for 2-3 years.</li>
<li>KINGSTAR, as "the first Chinese-style craft beer company with high growth potential", can enjoy certain valuation premium at the current stage. So, valuation would be higher than traditional beer companies. </li>
<li>However, considering the risk of overly relying on single product as well as the future decline in growth due to increasing competition, valuation of KINGSTAR could be lower than MIXUE/<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser</a>.</li>
</ul>


The craft beers will eventually solidify into a stable niche category, and the window period for the market dividends brought by individual products may only last for 2-3 years.
KINGSTAR, as "the first Chinese-style craft beer company with high growth potential", can enjoy certain valuation premium at the current stage. So, valuation would be higher than traditional beer companies. 
However, considering the risk of overly relying on single product as well as the future decline in growth due to increasing competition, valuation of KINGSTAR could be lower than MIXUE/Budweiser.


Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

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Henan Kingstar Brewery (HKB HK)

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

KINGSTAR’s high growth is driven by Chinese-style craft beer, but future growth will decline due to ifierce competition. Valuation will be higher...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

​KINGSTAR’s high growth is driven by Chinese-style craft beer, but future growth will decline due to ifierce competition. Valuation will be higher...

Xinyao (Criss) Wang

KINGSTAR’s high growth is driven by Chinese-style craft beer, but future growth will decline due to ifierce competition. Valuation will be higher...