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00291 CHINA RES BEER
RTNominal up24.050 +0.150 (+0.628%)
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06/05/2019 14:44

[I-bank focus]Goldman raises CR Beer (00291) to HK$39.8

[ET Net News Agency, 6 May 2019] Goldman Sachs raised its target price for China
Resources Beer (CRB)(00291) to HK$39.8 from HK$36.2 and maintained its "buy" rating.
The research house said CRB completed the acquisition of Heineken's China operating
entities for HK$2.35bn at end April. This marks a big step for CRB in its strategy to
penetrate the premium market.
Goldman now consolidated the Heineken China business into its CRB estimates, and
forecast it to potentially grow 2.5x the scale and reach above 25% EBITDA margin level in
three years (pre-trademark fee).
Goldman raised its CRB's 2019-21 recurring EPS forecasts by 4-13%, now expecting EBITDA
to grow 16% on 2-year CAGR. (KL)

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