Citi expects the Group's beer business to expand by 4% this year, including a 0.5% increase in sales and a 3.5% increase in average product prices.
The Zhitong Finance App learned that Citi released a research report stating that it maintained China Resources Beer (00291)'s “buy” rating and lowered the target price from HK$55.46 to HK$50.15 based on a target corporate value multiplier (EV/EBITDA) of 15 times for Runbeer this year. The company's forecast model was updated. Although the revenue growth forecast for this year was slightly reduced, the annual profit forecast remained largely unchanged. The Group's beer business is expected to expand by 4%, including a 0.5% increase in sales and a 3.5% increase in average product prices.