Chongqing Brewery Co Ltd Class A

600132: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CNY 62.00	Kmxpwtw	Kxpkydchr

Chongqing Brewery Earnings: Travel Demand and Channel Recovery Drove Revenue and Profit Growth

Jacky Tsang ,

Apr 30, 2024

Chongqing Brewery delivered in-line first-quarter 2024 results, with revenue and net profit growing 7.2% and 16.8% year on year, respectively. We maintain our fair value estimate of CNY 75 per share, which implies a 24 times 2024 P/E and 3.7% dividend yield. Shares reacted positively after earnings and further converged to our fair value estimate. We think the shares are fairly valued currently.

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