Stock 291 CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED
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Financials China Resources Beer (Holdings) Company Limited

Equities

291

HK0291001490

Brewers

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
36.35 HKD +2.68% Intraday chart for China Resources Beer (Holdings) Company Limited +12.54% +6.29%
Apr. 08 Hong Kong Stocks Close Flat as Investors Eye China Data MT
Mar. 19 Nomura Adjusts China Resources Beer’s Price Target to HK$45.00 From HK$42.40, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 139,816 231,622 207,129 176,970 110,951 117,926 - -
Enterprise Value (EV) 1 138,051 226,115 200,685 166,535 110,488 114,763 110,710 106,016
P/E ratio 98.6 x 92 x 36.9 x 35.4 x 19.8 x 18.1 x 15.5 x 13.5 x
Yield 0.42% 0.43% 1.09% 1.12% 2.97% 2.43% 2.8% 3.22%
Capitalization / Revenue 3.86 x 6.17 x 5.05 x 4.36 x 2.62 x 2.62 x 2.45 x 2.31 x
EV / Revenue 3.81 x 6.02 x 4.9 x 4.1 x 2.61 x 2.55 x 2.3 x 2.08 x
EV / EBITDA 23.4 x 31.9 x 19.6 x 21.3 x 10.8 x 10.5 x 9 x 7.75 x
EV / FCF 48.3 x 55.3 x 46.4 x 28.1 x - 17.3 x 14.3 x 12.2 x
FCF Yield 2.07% 1.81% 2.15% 3.56% - 5.79% 6.97% 8.22%
Price to Book 6.51 x 9.15 x 6.9 x 5.73 x 3.37 x 3.28 x 2.81 x 2.63 x
Nbr of stocks (in thousands) 3,244,000 3,244,000 3,244,000 3,244,177 3,244,177 3,244,177 - -
Reference price 2 43.10 71.40 63.85 54.55 34.20 36.35 36.35 36.35
Announcement Date 3/20/20 3/22/21 3/24/22 3/24/23 3/18/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 36,259 37,530 40,996 40,595 42,322 45,044 48,112 50,983
EBITDA 1 5,887 7,083 10,239 7,837 10,196 10,928 12,295 13,671
EBIT 1 4,004 4,999 8,218 6,051 7,720 8,803 10,237 11,578
Operating Margin 11.04% 13.32% 20.05% 14.91% 18.24% 19.54% 21.28% 22.71%
Earnings before Tax (EBT) 1 2,406 3,591 7,632 6,364 7,694 8,928 10,392 11,876
Net income 1 1,433 2,499 5,632 5,001 5,602 6,515 7,576 8,622
Net margin 3.95% 6.66% 13.74% 12.32% 13.24% 14.46% 15.75% 16.91%
EPS 2 0.4370 0.7757 1.731 1.543 1.728 2.012 2.340 2.687
Free Cash Flow 1 2,858 4,091 4,322 5,922 - 6,646 7,722 8,709
FCF margin 7.88% 10.9% 10.54% 14.59% - 14.75% 16.05% 17.08%
FCF Conversion (EBITDA) 48.54% 57.76% 42.21% 75.57% - 60.82% 62.81% 63.7%
FCF Conversion (Net income) 199.38% 163.69% 76.74% 118.43% - 102.01% 101.92% 101.01%
Dividend per Share 2 0.1804 0.3091 0.6954 0.6127 1.017 0.8824 1.019 1.171
Announcement Date 3/20/20 3/22/21 3/24/22 3/24/23 3/18/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 15,693 19,494 16,755 23,579 16,888 24,305 16,405 25,674 16,372 26,714 17,708 29,655 17,568
EBITDA 2,035 4,675 2,100 8,727 - - 1,006 7,921 - - - - -
EBIT 1 - 3,671 1,087 7,747 428.5 6,015 107.4 6,720 829.4 7,570 1,001 9,074 1,043
Operating Margin - 18.83% 6.49% 32.86% 2.54% 24.75% 0.65% 26.17% 5.07% 28.34% 5.65% 30.6% 5.93%
Earnings before Tax (EBT) 1 - - 212.4 - 275.1 6,101 291.3 6,795 826.2 7,628 769.3 8,821 985.6
Net income 1 - 2,328 17.9 5,153 363.5 4,398 624 5,053 547.9 5,811 459.6 6,681 528.1
Net margin - 11.94% 0.11% 21.85% 2.15% 18.09% 3.8% 19.68% 3.35% 21.75% 2.6% 22.53% 3.01%
EPS - - - - 0.1105 1.353 - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 3/20/20 8/19/20 3/22/21 8/18/21 3/24/22 8/17/22 3/24/23 8/18/23 3/18/24 - - - -
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 1,765 5,506 6,444 10,435 463 3,163 7,216 11,910
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 2,858 4,091 4,322 5,922 - 6,646 7,722 8,709
ROE (net income / shareholders' equity) 6.81% 10.2% 20.1% 16.9% - 18.6% 19.2% 19.6%
ROA (Net income/ Total Assets) 3.25% 4.91% 9.67% 8.02% - 8.3% 9.12% 9.63%
Assets 1 44,170 50,939 58,220 62,376 - 78,509 83,043 89,538
Book Value Per Share 2 6.620 7.800 9.250 9.520 10.10 11.10 12.90 13.80
Cash Flow per Share 2 1.380 1.650 1.890 2.410 - 2.950 3.200 3.380
Capex 1 1,633 1,248 1,804 1,897 - 2,615 2,539 2,644
Capex / Sales 4.5% 3.32% 4.4% 4.67% - 5.81% 5.28% 5.19%
Announcement Date 3/20/20 3/22/21 3/24/22 3/24/23 3/18/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Resources Beer (Holdings) Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
34
Last Close Price
36.35 HKD
Average target price
48.96 HKD
Spread / Average Target
+34.69%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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