China Resources Beer hits over 5-month high on solid H1 results

China Resources Beer Holdings

18/08/2022 04:59

** Shares of China Resources Beer Holdings  0291.HK  jump as
much as 6.4% to HK$59.60, their highest since March 7 and on
track for a second session of gain
    ** Stock set for the biggest daily pct rise since June 6 if
gains hold
    ** Biggest pct gainer in Hang Seng Index  .HSI  and Hang
Seng Commerce & Industry Index  .HSNC  
    ** Chinese brewer says H1 net profit excluding one-off items
jumped 27.8% year-on-year and overall sales volume of beer in H1
better than overall industry performance  urn:newsml:reuters.com:*:nFWN2ZS5ZN
    ** CCB International maintains "outperform" rating and lifts
TP to HK$66.10 from HK$52.0, saying 1H22 gross profit margin and
net profit beat with solid July-August sales momentum and sees
the brewer to benefit from premiumization strategy
    ** Daiwa reiterates "buy" saying 1H22 beat on continued
premiumization with hot weather and recovery from social
restrictions to support 2H growth
    ** Daiwa trims TP to HK$71.40 from HK$75 on seeing downside
risk from failure of product mix upgrade to gain market share
    ** Hong Kong shares of smaller rival Tsingtao  0168.HK  rise
2.3% 
    ** Hang Seng Composite Idustry Index on consumer staples
 .HSCICS  gains 0.4% while Hang Seng Commerce & Industry Index
 .HSNC  slips 0.1% and Hang Seng Index  .HSI  eases 0.5%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))