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<Research>M Stanley: CHINA RES BEER's Interim Sales & Recurring EBIT in Line, GPM Beats
Recommend 1 Positive 8 Negative 3 |
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CHINA RES BEER (00291.HK) announced its interim results at noon. According to Morgan Stanley's research report, the company's sales and recurring EBIT aligned with expectations. A 1% YoY growth in total sales also met the broker's and the market's forecasts. Specifically, CHINA RES BEER's beer sales grew by 3% YoY, whereas liquor sales declined by 34% YoY. With the recurring EBIT for beer increasing by 14% YoY, its recurring EBIT reached RMB7.1 billion, up 11% YoY, in line with expectations. CHINA RES BEER also recorded a 2 ppt rise in its GPM to 48.9%, beating the expected 48.1%. Supported by premiumization and reduced raw material costs, the GPM of its beer business improved by 2.5 ppts to 48.3%. AAStocks Financial News |
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