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00291 CRES BEER-500
RTNominal up36.350 +0.950 (+2.684%)
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11/12/2018 17:27

[I-bank focus]Morgan starts CR Beer (00291) at HK$33

[ET Net News Agency, 11 December 2018] Morgan Stanley initiated coverage on China
Resources Beer (CRB)(00291) with an "overweight" rating and a target price of HK$33.
The research house said CRB is a leading player in China. It was ranked #1 by volume in
China's beer market in 2017 and was the #1 players in seven provinces.
CRB's strong position, wide channel coverage, and execution capability should lead to
further market share gains. Morgan likes its diverse product portfolio, and see upside
potential to product mix upgrades, further supported by its collaboration with Heineken.
It expects CRB will deliver an intrinsic EPS CAGR of 25% in 2018-20. (KL)

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