China Baijiu Sector：Will destocking of Moutai 'social inventory' lead to a further sector derating？
UBS·2024-08-01 06:14
ab 26 July 2024 Global Research and Evidence Lab China Baijiu Sector Will destocking of Moutai 'social inventory' lead to a further sector derating? Equities China Distillers & Brewers Kevin Cheng Associate Analyst kevin-za.cheng@ubs.com +852-2971 7493 Christine Peng, CFA Analyst christine-y.peng@ubs.com +852-2971 7571 Earnings & rating downgrades on oversupply amidst a weak macro backdrop We believe supply/demand dynamics for the overall baijiu sector will further deteriorate in the next 12 months, due to ...