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<Research>Citi Keeps CHINA RES BEER as Top Pick w/ Rating Buy & TP HKD38
Recommend 10 Positive 15 Negative 6 |
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According to a report from Citi, CHINA RES BEER (00291.HK) announced a goodwill impairment loss of RMB2.79-2.97 billion for its white liquor business, way beyond the broker's expectation of RMB300 million. Considering CHINA RES BEER's estimated reported net profit for 2025 and Citi's estimated one-time land sale gain, Citi expects CHINA RES BEER's 2025 core net profit to reach RMB5.1-5.3 billion, 0-6% higher than the broker's forecast. Drawing reference from MENGNIU DAIRY (02319.HK), whose stock price reacted positively to the announcement of a RMB2.2-2.4 billion impairment provision for 2025, Citi anticipates CHINA RES BEER's stock price to perform positively today (11th). CHINA RES BEER, with a Buy rating and a target price of HKD38, remains one of Citi's top picks in the Chinese consumer sector. Citi's sector pecking order stays unchanged: CHINA RES BEER > BUD APAC (01876.HK) > TSINGTAO BREW (00168.HK). AAStocks Financial News |
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