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<Research>G Sachs: CHINA RES BEER (00291.HK) Interim NP Beats; GPM Rises to 48.9%, Hitting All-time New High
Recommend 6 Positive 15 Negative 4 |
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CHINA RES BEER (00291.HK)'s 1H25 consolidated sales amounted to RMB23.9 billion, up 0.8% YoY, largely in line with market consensus, Goldman Sachs released a research report saying. Consolidated recurring EBIT was RMB7.1 billion, excluding land sale gains (RMB827 million) and one-off expenses (RMB241 million), up about 11% YoY, in line with the broker's expectation. During the period, the consolidated EBIT was RMB7.69 billion, up 21% YoY, beating market consensus (RMB7.32 billion, up 15%). Net profit amounted to RMB5.79 billion, up 23% YoY, ahead of market expectation (RMB5.44 billion, up 15.6%). Sales of premium and above beers also recorded mid to high single-digit growth. The Group's gross profit margin increased by 2 ppts to 48.9%, logging an all-time new high. The Company announced an interim DPS of RMB0.464, up 24.4% YoY, with a payout ratio of approx. 26%, consistent with last year. Therefore, Goldman Sachs kept rating at Buy for CHINA RES BEER, with a target price of $35, equivalent to a projected 2026 PE ratio of 19x. AASTOCKS Financial News Website: www.aastocks.com |
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