Zhi Tong Cai Jing·2025-08-20 07:37Core Viewpoint - Credit Lyonnais reports that China Resources Beer (00291) is expected to outperform the industry in beer sales growth in the first half of 2025, with a continued upward trend anticipated in the second half, despite the recovery of the liquor market taking time [1] Group 1: Sales and Profitability - The firm anticipates continued expansion of profit margins in the second half of 2025 [1] - The net profit forecast for 2025 has been raised by 7%, reflecting better gross margin trends and one-time land disposal gains [1] Group 2: Valuation and Ratings - Credit Lyonnais has increased the target price for China Resources Beer from HKD 30.4 to HKD 33.2, using a 9x 12-month forward EV/EBITDA for the beer business and a 10x P/E for the liquor business, with multiples remaining unchanged [1] - The firm maintains an "outperform" rating for the stock [1]