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Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Bottom-Up

Jiangsu Yanghe Brewery A / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/jiangsu-yanghe-brewery-a" target="_blank" data-smartkarma-citation="entities:1275:1" rel="noopener">Jiangsu Yanghe Brewery A (002304 CH)</a> , founded in 2002, manufactures and markets baijiu (a distilled Chinese liquor) under the Yanghe, Shuanggou, and Sujiu brands. While Wuliangye and Kweichow Moutai share prices have done exceptionally well, JYB is off 28%+ from year highs, and trading at interesting valuations. </p><p>We believe that Jiangsu Yanghe Brewery could be an interesting play given that its mid-high end brands could serve the rising middle class as well as corporate saving budget during an economic slowdown.</p>

Jiangsu Yanghe Brewery A (002304 CH) , founded in 2002, manufactures and markets baijiu (a distilled Chinese liquor) under the Yanghe, Shuanggou, and Sujiu brands. While Wuliangye and Kweichow Moutai share prices have done exceptionally well, JYB is off 28%+ from year highs, and trading at interesting valuations. We believe that Jiangsu Yanghe Brewery could be an interesting play given that its mid-high end brands could serve the rising middle class as well as corporate saving budget during an economic slowdown.

江蘇楊河酒と茅台酒、期待度が低いじっくりと味わう蒸留酒