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RTNominal down44.500 -2.150 (-4.609%)
Research Report

15/04/2021 17:24

{I-bank focus}GS starts Nongfu Spring (09633) at HK$48 & buy

[ET Net News Agency, 15 April 2021] Goldman Sachs initiates coverage of Nongfu Spring
(09633) with a target price of HK$48 and a "buy" rating.
The research house said it expects Nongfu Spring to continue gaining market share in its
core area of packaged water, and push into other parts of China's USD150bn soft drinks
market, working off key strengths in branding, product innovation and distribution.
It sees three key growth drivers underpinning its forecast 17% sales and 20% EPS CAGRs
for 2020-25E. They are (1) lifting market share in water from 21% in 2019 to close to 30%
by 2025E, (2) cross-selling in other beverage segments, such as tea and functional
beverages, and (3) expanding into lower-tier cities.

Remark: Real time quote last updated: 06/12/2021 17:59
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