Goldman Sachs lifted its target price for China Resources Beer (CRB)(00291) to HK$45 from HK$40.6 and maintained its "buy" rating.
The research house sees CRB offering a steady 2-3 years structural growth story from expansion in the premium segment with Heineken's consolidation and further production efficiency improvement.
Goldman remains positive on CRB's long-term growth story post its 1H results and management briefing. For next the 12 months, it sees the following few catalysts ahead, premium market share gain, 2H margin expansion from more cost savings, and VAT cut benefits will also have full impact in 2H.
Goldman raised its 2019-21 recurring EPS forecasts by 2-6% mainly to account for the improving cost control strategies.
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