Daiwa downgraded the target price for CHINA RES BEER to 36 yuan and reiterated the "Buy" rating

Daiwa published a research report stating that last Friday (14th), they hosted the management of CHINA RES BEER (00291.HK) at the Daiwa Hong Kong Investment Conference. They emphasized catering to new channels such as instant retail and developing new flavors (such as juice beer and tea-flavored beer) to meet the rapidly changing preferences of young consumers in China. Daiwa believes that due to its strong execution and flexible strategies, China Resources Beer can respond to the rapid changes in consumer preferences and continue to be favored over its main competitors.

Due to the potential slowdown in the expansion rate of average selling prices and profit margins, Daiwa has lowered its core earnings per share forecast for China Resources Beer for 2025 to 2027 by 4%. They reiterated a "Buy" rating and reduced the target price from HKD 38 to HKD 36, based on a target price-to-earnings ratio of 18 times for next year