Zhi Tong Cai Jing·2026-03-11 08:41Core 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 29.6% year-on-year decline in net profit to HKD 38.6 million due to unexpected liquor impairment losses [1] Financial Performance - The anticipated impairment loss is expected to account for 16.6% to 17.7% of the current goodwill balance, reflecting weak market demand for liquor following the acquisition of Sands [1] - Adjusted profit, after accounting for impairment losses, is projected to increase by 20% to 33% year-on-year, slightly exceeding the bank's and market expectations by 1% and 3% respectively [1] Long-term Outlook - The higher-than-expected liquor impairment is viewed positively for the company's long-term development as it reduces the likelihood of further impairment losses in the future [1] - The company is expected to maintain stable sales performance in the first two months of this year [1]