China Resources Beer jumps most in over 10 weeks on solid results

China Resources Beer Holdings

17/08/2022 07:29

** Shares of China Resources Beer Holdings Co Ltd  0291.HK 
jump as much as 5.8% to HK$57 - set to mark their biggest daily
pct rise since June 6, if gains hold
    ** Stock hits the highest since July 5; second-biggest
percentage gainer in the Hang Seng Commerce & Industry Index
 .HSNC  and in the benchmark Hang Seng Index  .HSI 
    ** Chinese brewer says H1 net profit 3.8 bln yuan ($561.08
mln), compared with 4.29 bln yuan in the same period of 2021,
while turnover rose 7% year-on-year to 21 bln yuan  urn:newsml:reuters.com:*:nFWN2ZS5ZN
    ** 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
    ** Citi maintains "buy" rating, saying 1H22 core net profit,
excluding one-off items, beats and co remains Citi's top buy in
China staples in 2H22  
    ** Hong Kong shares of smaller rival Tsingtao Brewery
 0168.HK  gain 0.2% 
    ** The Hang Seng Commerce & Industry Index surges 1.4%, the
Hang Seng Composite Industry Index on consumer staples  .HSCICS 
gains 0.6%, and the Hang Seng Index rises 0.9%
    ** As of last close, the China Resources Beer stock had
fallen 15.6% this year

($1 = 6.7727 Chinese yuan)

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