China Resources Beer Could Continue Facing Demand Headwinds -- Market Talk

Dow Jones08-20

0624 GMT - China Resources Beer could continue to face weak beer demand in 2H, China Galaxy International analysts say in a research report. The brewer's 1H total revenue fell 0.5% on year due to subdued beer sales, and management said beer demand was weak in July, the analysts note. China Galaxy International trims its 2024-2026 EPS forecasts by 4.2%-6.9% on expectations of slower beer sales growth owing to China's weak consumption. The brokerage lowers the target price to HK$32.00 from HK$45.00 but keeps an add rating on the company, citing its strong brand image and omnichannel distribution network. Shares are last at HK$22.65.

(amanda.lee@wsj.com)

(END) Dow Jones Newswires

August 20, 2024 02:24 ET (06:24 GMT)

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