[ET Net News Agency, 23 March 2021] Morgan Stanley cut its target price for China
Resources Beer (CRB) (00291) to HK$78 from HK$80 and maintained its "overweight" rating.
The research house said CRB recorded a 2.9% drop in sales volume (sub-premium and above
grew 11.1%) and a 2.4% drop in ASP for full-year 2020. Currently, sales volume in 2021 has
recovered to a level similar to 2019's, with sub-premium and above posting high
double-digit growth.
With four factory closures in 2020 (seven in 2019), the company targets 2-4 factory
optimizations p.a., depending on the capacity expansion rate. Morgan thinks high
single-digit to low teen sales growth in 2021 is achievable, with management's target for
sub-premium and above volume to grow >30% (13% of total volume in 2020).
Morgan trimmed its 2021 and 2022 recurring earnings estimates 3% and 1%, respectively,
with lowered sales projection, to reflect the slight miss in 2020. (KL)
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00291 CRES BEER-500
Nominal 
32.200 -1.100 (-3.303%) Research Report
23/03/2021 17:52
{I-bank focus}Morgan cuts CR Beer (00291) to HK$78
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
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