Equity Analysis /
Hong Kong

HK : China Resources Beer - Exploring premium beer markets

    Lei Yang
    Lei Yang

    Research Analyst

    CGS-CIMB
    14 April 2021
    Published by

    We held an investors conference call with CRB management and got an update on CRB’s cooperation with Heineken. Given less price promotion and improving individual consumption of premium and above beer products, management said CRB had good sales in 1Q21. We expect sales to grow 8.1% yoy in FY21F, driven mainly by consistent product structure premiumization and high-end, on-trade channel sales contribution improvement.