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<Research>BOCOMI Lowers CHINA RES BEER TP to $37.29; Beer Consumption Environment Subdued in ST
Recommend 7 Positive 9 Negative 6 |
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CHINA RES BEER (00291.HK) is facing short-term results pressure as the beer market showed weaker overall performance in 1-3Q24, according to a report issued by BOCOMI. The catering channel is a crucial sales channel for beer, which accounts for over 40%, but the overall performance of the catering market has been relatively weak YTD. According to the "China Catering Brand Power White Paper 2024", in 8M24, the number of registered catering-related enterprises across China decreased by 444,000 compared to the same period last year, and the number of catering-related enterprises canceled or revoked exceeded 1.6 million, which was over 90% of the total for 2023. In addition, the pressure on the beer consumption environment and variable weather have negatively impacted the beer market. In light of short-term industry pressure, the broker lowered its financial forecast and target price, but remained optimistic about the company's long-term sustainable development. The latest target price for CHINA RES BEER was set at $37.29, with a Buy rating maintained. AAStocks Financial News |
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