According to a report released by Daiwa, China Resources Beer's share price has fallen 9 per cent since the beginning of this year due to the outbreak of the epidemic in the fourth quarter of last year and continuing social restrictions. However, the bank is still optimistic about the group's growth prospects in the future, and it is expected that the epidemic will not affect the high-end products, mainly because if cross-city travel restrictions in the mainland during the Lunar New year reduce the flow of people, beer consumption in big cities and rich areas may be supported as a result, coupled with the possibility of direct price increases and product upgrades.

The bank lowered China Resources Beer's target price from HK $82.50 to HK $75, which is equivalent to a forecast of 25 times corporate value to EBITDA this year, maintaining its buy rating | reiterated as the industry's first choice, and slightly raised the group's revenue forecast for this year and next by 1% to 3%, but lowered its earnings per share forecast by 4% to 13% to reflect higher brand investment and raw material costs.