Glonghui, March 20 | CCB International said that China Resources Brewery's core profit for the second half of last year was 4.5% lower than the bank's forecast, with net profit falling 7% to 504 million yuan; revenue rose 5.7% to 15.61 billion yuan, as sales fell 4.6%, offset by a 2.8% improvement in average selling price; and gross margin improved 1.1 percentage points to 33.9%, mainly due to a favorable cost environment and high-end products. The bank estimates that the gross margin of Runbeer is expected to improve to 42.6% this year, and the operating profit margin will increase by 1.3 percentage points to 19.2%. The bank maintained the stock's “outperforming the market” rating, and the target price was reduced from HK$45.9 to HK$42.3.
大行评级｜建银国际：下调华润啤酒目标价至42.3港元 维持“跑赢大市”评级
Bank Rating | CCB International: Lowering China Resources Beer's Target Price to HK$42.3 to Maintain “Outperform the Market” Rating
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