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<Research>CLSA: CHINA RES BEER (00291.HK) 2025 Baijiu Impairment Loss Bigger Than Forecast; Adj. NP to Slightly Beat
Recommend 1 Positive 2 Negative 4 |
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CHINA RES BEER (00291.HK) issued a profit alert estimating that 2025 reported profit will fall by 29.6-38.6% YoY, mainly due to bigger-than-expected baijiu impairment losses, CLSA released a research report saying. It is estimated that the impairment losses accounted for 16.6-17.7% of its existing goodwill balance, reflecting weak market demand for baijiu after acquiring Jinsha. After accounting for impairment losses, its adjusted profit will rise by 20-33% YoY, slightly beating expectations of the broker/ market by 1%/ 3% in the mid-range, respectively. Therefore, CLSA kept its target price at $33.2 and rating at Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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