Nongfu Spring's Ready-to-Drink Tea Segment Supporting Sales Growth -- Market Talk

Dow Jones2023-12-04

0347 GMT - Nongfu Spring's 2023 sales will likely expand 22% thanks to its stronger-than-expected ready-to-drink tea sales, Citi analysts Xiaopo Wei and Vincent Yang say in a research note. Despite unfavorable weather and consumption softness during 3Q, Nongfu's RTD tea sales maintained strong growth momentum, supported by its non-sugar tea brand "Oriental Leaf," the analysts say. Non-sugar RTD tea products have gained shares from traditional sweetened RTD tea products since China's reopening due to consumers' increased health awareness, they add. They expect Nongfu's RTD tea on-year sales growth to reach 65% in 2H from 60% in 1H. Citi opens a 30-day upside catalyst watch on Nongfu Spring and raises its target to HK$59.40 from HK$57.20. Shares last at HK44.95.(sherry.qin@wsj.com)

(END) Dow Jones Newswires

December 03, 2023 22:47 ET (03:47 GMT)

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