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<Research>Macquarie Cuts TPs for CHINA RES BEER/ BUD APAC, Lifts TP for TSINGTAO BREW
Recommend 10 Positive 12 Negative 12 |
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China's beer industry logged a 2.3% YoY decrease in sales in October and a 5.7% YoY increase in November 2024, with middle-market products outperforming premium products, according to a Macquarie research report. As the industry destocked the channel inventories, sales in December 2024 might also be weak. Macquarie predicted that most Chinese beer companies will report a decline in sales for 4Q24. In addition, Macquarie believed that BUD APAC (01876.HK) had the worst sales performance in the quarter with a 21% drop in volume. As for average selling prices, TSINGTAO BREW (00168.HK) and CHINA RES BEER (00291.HK) may achieve low single-digit growth, while BUD APAC and Chongqing Brewery (600132.SH) might face greater pressure. The broker cut its target price for CHINA RES BEER from $35 to $30.2 and for BUD APAC from $14.76 to $13.4, while raising TSINGTAO BREW's target price from $60 to $78.4. All three stocks were rated as Outperform. AAStocks Financial News |
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