[ET Net News Agency, 28 June 2018] Credit Suisse raised its target price for China
Resources Beer (CRB) (00291) to HK$42.5 from HK$39.5, and maintained its "outperform"
rating.
The research house raises its earnings estimates for CR Beer by 11-14% based on
management's latest updates and exclude non-recurring expenses. With strong market share
and execution, CRB's aggressive product upgrades and price hikes have been carried out
smoothly. Credit Suisse raises gross profit margin to 36% (from previous 35%) due to lower
subsidies to distributors. With operating expenses (especially A&P expenses) under
control, it expects CRB's recurring EBIT margin to expand 2.7 percentage points to 11.4%
in 2018.
Credit Suisse expects CRB's 1H recurring EBIT to grow 41.6% YoY, which should be a
positive catalyst for the share price . (HL)
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00291 CRES BEER-500
Nominal 
35.400 -0.450 (-1.255%) Others
28/06/2018 15:05
[I-bank focus]CS raises China Res Beer (00291) to HK$42.5
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