ENTITY
Nongfu Spring

Nongfu Spring (9633 HK)

211
Analysis
Consumer StaplesChina
Nongfu Spring Co. Ltd. supplies soft drinks. The Company develops, produces, and sells bottled mineral water, fruit juice, sports drinks, and tea drinks. Nongfu Spring also offers barreled mineral water door-to-door services.
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bullishNongfu Spring
31 Aug 2023 09:30Broker

Nongfu Spring (9633 HK) – 1H rev/np +23%/25%; a neat beat on tea beverage

1H revenue and net profits grew faster than we expected at 23%/25% (vs CMBIe: mid-teen growth) to RMB20.5bn/5.8bn. The strength came in along with...

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02 Jul 2023 12:13Broker

China Consumer Staples – Divergence continues

We had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with...

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bullishNongfu Spring
30 Mar 2023 09:35Broker

Nongfu Spring (9633 HK) – Mid-Teen Top-Line Growth

Management prudently guided for low-teen top-line growth for the year, owing mainly to 1) the current scale of what Nongfu has already achieved,...

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31 Jan 2023 10:44Broker

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

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04 Nov 2022 07:13Broker

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...

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