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<Research>Jefferies: CHINA RES BEER's Profit Warning within Expectation; Stock Remains Top Pick
Recommend 4 Positive 2 Negative 4 |
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Since CHINA RES BEER (00291.HK) unveiled its interim results, the market had already anticipated that the company would issue a profit warning due to provisions for its baijiu business, Jefferies said in its research report. Excluding these provisions, the company's net profit last year was between RMB5.9 billion and RMB6.1 billion, beating expectations. The report added that, given CR Beer's healthy channel inventory levels, the company's beer sales trend for January and February this year is expected to outstrip its peers, based on channel checks. The report maintained Buy on CR Beer with a target price of HK$35.7, continuing to list it as one of its top picks. AAStocks Financial News |
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