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<Research>UOB Kay Hian Drops CHINA RES BEER (00291.HK) TP to $30.3 as Group Mgmt Cautiously Optimistic for Peak Season
Recommend 2 Positive 4 Negative 1 |
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CHINA RES BEER (00291.HK) announced a 2025 revenue of RMB37.985 billion, representing a YoY decrease of 2%, according to UOB Kay Hian's research report. Adjusted EBITDA reached RMB9.879 billion, up 10% YoY. In 2H25, beer sales volume rose by 0.4%, but the average selling price fell by 5%, mainly due to proactive promotional activities. The management of CHINA RES BEER remained cautiously optimistic about the upcoming peak season. Regarding the baijiu business, the broker expected that, if operations gradually stabilize, its 2026 goodwill impairment loss will narrow. Therefore, UOB Kay Hian kept rating at Buy, and dropped its target price from $33.8 to $30.3, equivalent to a projected 2026 EV/ EBITDA of 6.3x. AASTOCKS Financial News Website: www.aastocks.com |
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