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DBS lowers target price for Beer to HKD 34.5, reduces earnings forecast
The Golden Ten Data report on January 27th stated that DBS published a research report indicating that China Resources Beer (00291.HK) experienced a slight decline in beer revenue in the second half of last year, dragged down by a sales drop of over 3%, but still outperformed its peers. The bank expects that the sales volume of Heineken beer increased by 15% to 20% last year, and will maintain a double-digit rise this year, driving the overall average selling price to rise by 2%. The bank lowered its profit forecast for the company last year and this year by 6% and 14% respectively, mainly due to weak beer sales and a slowdown in Baijiu revenue. It is expected that the annual profit growth in the next two years will exceed 6%. The bank maintains a buy rating with a target price lowered from 46.1 Hong Kong dollars to 34.5 Hong Kong dollars.