[ET Net News Agency, 24 March 2021] Macquarie Research lifted its target price for
China Resources Beer (CRB) (00291) to HK$45.9 from HK$47 and maintained its "underperform"
rating.
The research house said CRB's 2020 results were in line with the profit alert announced
on22 January. Management kept stressing its premiumization strategy as per previous
years, but it may take time to see results.
Macquarie thinks the market needs to recalibrate expectations. It lowered its FY2021/22
earnings by 2.5% and 2.9%, on unproven premiumization.
Meanwhile, management flagged mounting packaging cost risk and does not rule out price
hikes nationwide mid- or 2H 2021. (KL)