智通财经网·2026-03-11 08:34Core Viewpoint - The report from Citi maintains a target price of HKD 33.2 for China Resources Beer (00291) and rates it as "outperform" despite a profit warning indicating a projected 29.6% year-on-year decline in net profit to HKD 38.6 million, primarily due to unexpected impairment losses in the liquor segment [1] Group 1 - China Resources Beer anticipates a significant impairment loss related to its liquor business, which is expected to account for 16.6% to 17.7% of its existing goodwill balance, reflecting weak market demand following the acquisition of Sands [1] - Adjusted profit, after accounting for the impairment loss, is projected to increase by 20% to 33% year-on-year, slightly exceeding both the bank's and market expectations by 1% and 3% respectively [1] - The bank believes that the higher-than-expected impairment in the liquor segment could benefit the company's long-term development by reducing the likelihood of further impairments in the future [1]