Morgan Stanley Raises Target Price for China Res Beer to HK$36, Anticipates Continued Losses in Baiju Segment

Stock News03-04

Morgan Stanley has issued a research report indicating that it has increased the target price for China Res Beer (00291) from HK$35 to HK$36, driven by the appreciation of the renminbi, though this is partly offset by a reduction in profit forecasts. The firm maintains an "Overweight" rating on the stock. Overall, the bank largely retains its sales and operating profit growth forecasts for the beer business, expecting ongoing efficiency improvements and a rising contribution from the Heineken brand to help counter the impact of higher raw material costs. Morgan Stanley has lowered its earnings per share forecasts for China Res Beer for 2025 to 2027 by 2% to 4%, citing challenges in the baiju segment due to a difficult demand environment and the time needed for business restructuring, alongside pressure on gross margins from rising aluminum prices. The bank projects that beer sales will grow by 2% in 2025 and 3% in 2026, with operating margin expansion driving recurring operating profit growth of 10% and 7%, respectively. It anticipates that the baiju business will record a loss in 2025, with a narrowing loss expected in 2026. Morgan Stanley forecasts overall recurring net profit growth of 11% in both 2025 and 2026.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1193831746?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-03-04 09:49","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1193831746","market":"sh","top_or_hot":-1,"title":"Morgan Stanley Raises Target Price for China Res Beer to HK$36, Anticipates Continued Losses in Baiju Segment","media":"Stock News","content":"<p>Morgan Stanley has issued a research report indicating that it has increased the target price for China Res Beer (00291) from HK$35 to HK$36, driven by the appreciation of the renminbi, though this is partly offset by a reduction in profit forecasts. The firm maintains an \"Overweight\" rating on the stock. Overall, the bank largely retains its sales and operating profit growth forecasts for the beer business, expecting ongoing efficiency improvements and a rising contribution from the Heineken brand to help counter the impact of higher raw material costs. Morgan Stanley has lowered its earnings per share forecasts for China Res Beer for 2025 to 2027 by 2% to 4%, citing challenges in the baiju segment due to a difficult demand environment and the time needed for business restructuring, alongside pressure on gross margins from rising aluminum prices. The bank projects that beer sales will grow by 2% in 2025 and 3% in 2026, with operating margin expansion driving recurring operating profit growth of 10% and 7%, respectively. It anticipates that the baiju business will record a loss in 2025, with a narrowing loss expected in 2026. Morgan Stanley forecasts overall recurring net profit growth of 11% in both 2025 and 2026.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley Raises Target Price for China Res Beer to HK$36, Anticipates Continued Losses in Baiju Segment</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley Raises Target Price for China Res Beer to HK$36, Anticipates Continued Losses in Baiju Segment\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2026-03-04 09:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Morgan Stanley has issued a research report indicating that it has increased the target price for China Res Beer (00291) from HK$35 to HK$36, driven by the appreciation of the renminbi, though this is partly offset by a reduction in profit forecasts. The firm maintains an \"Overweight\" rating on the stock. Overall, the bank largely retains its sales and operating profit growth forecasts for the beer business, expecting ongoing efficiency improvements and a rising contribution from the Heineken brand to help counter the impact of higher raw material costs. Morgan Stanley has lowered its earnings per share forecasts for China Res Beer for 2025 to 2027 by 2% to 4%, citing challenges in the baiju segment due to a difficult demand environment and the time needed for business restructuring, alongside pressure on gross margins from rising aluminum prices. The bank projects that beer sales will grow by 2% in 2025 and 3% in 2026, with operating margin expansion driving recurring operating profit growth of 10% and 7%, respectively. It anticipates that the baiju business will record a loss in 2025, with a narrowing loss expected in 2026. Morgan Stanley forecasts overall recurring net profit growth of 11% in both 2025 and 2026.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B29SXG58.USD","symbol_name":"FSSA CHINA FOCUS \"I\" (USD) ACC","start_time":0,"source_url":"","article_id":"1193831746","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1193831746","pubTimestamp":1772588969,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"Morgan Stanley has issued a research report indicating that it has increased the target price for China Res Beer (00291) from HK$35 to HK$36, driven by the appreciation of the renminbi, though this...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"80291":"华润啤酒-R","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","CRHKY":"华润啤酒ADR","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","BK1570":"华润系","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","IE0008368742.USD":"首域中国增长基金I Acc","LU1720050803.USD":"安联全方位中国股票基金","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","BK1583":"高瓴概念","BK1604":"节假日概念","BK1180":"啤酒酿造商","00291":"华润啤酒","BK1510":"啤酒","BK1521":"挪威政府全球养老基金持仓","BK1578":"个体经济","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","BK1589":"北水核心资产","SG9999006514.SGD":"United Asia Consumer Fund SGD","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","IE0031814852.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) ACC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC"},"translate_title":"大摩上调中瑞啤酒目标价至36港元预计白菊板块持续亏损","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80291":1,"CRHKY":1,"00291":1},"content_text":"Morgan Stanley has issued a research report indicating that it has increased the target price for China Res Beer (00291) from HK$35 to HK$36, driven by the appreciation of the renminbi, though this is partly offset by a reduction in profit forecasts. The firm maintains an \"Overweight\" rating on the stock. Overall, the bank largely retains its sales and operating profit growth forecasts for the beer business, expecting ongoing efficiency improvements and a rising contribution from the Heineken brand to help counter the impact of higher raw material costs. Morgan Stanley has lowered its earnings per share forecasts for China Res Beer for 2025 to 2027 by 2% to 4%, citing challenges in the baiju segment due to a difficult demand environment and the time needed for business restructuring, alongside pressure on gross margins from rising aluminum prices. The bank projects that beer sales will grow by 2% in 2025 and 3% in 2026, with operating margin expansion driving recurring operating profit growth of 10% and 7%, respectively. It anticipates that the baiju business will record a loss in 2025, with a narrowing loss expected in 2026. Morgan Stanley forecasts overall recurring net profit growth of 11% in both 2025 and 2026.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1193831746","isCrawlerRequest":true}