Stock 80291 CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED
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Financials China Resources Beer (Holdings) Company Limited Hong Kong S.E.

Equities

80291

HK0000934429

Brewers

Market Closed - Hong Kong S.E.
Other stock markets
 09:08:10 26/06/2024 BST 		5-day change 1st Jan Change
26.15 CNY +0.19% Intraday chart for China Resources Beer (Holdings) Company Limited -2.43% -15.24%
04-08 Hong Kong Stocks Close Flat as Investors Eye China Data MT
03-19 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 90,837 - -
Enterprise Value (EV) 1 138,051 226,115 200,685 166,535 110,488 87,677 83,627 78,936
P/E ratio 98.6 x 92 x 36.9 x 35.4 x 19.8 x 14.1 x 12.2 x 10.6 x
Yield 0.42% 0.43% 1.09% 1.12% 2.97% 3.12% 3.59% 4.12%
Capitalization / Revenue 3.86 x 6.17 x 5.05 x 4.36 x 2.62 x 2.02 x 1.9 x 1.79 x
EV / Revenue 3.81 x 6.02 x 4.9 x 4.1 x 2.61 x 1.95 x 1.75 x 1.55 x
EV / EBITDA 23.4 x 31.9 x 19.6 x 21.3 x 10.8 x 8.04 x 6.81 x 5.78 x
EV / FCF 48.3 x 55.3 x 46.4 x 28.1 x - 13.2 x 10.9 x 9.07 x
FCF Yield 2.07% 1.81% 2.15% 3.56% - 7.55% 9.21% 11%
Price to Book 6.51 x 9.15 x 6.9 x 5.73 x 3.37 x 2.54 x 2.21 x 2.04 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 28.15 28.15 28.15
Announcement Date 20/03/20 22/03/21 24/03/22 24/03/23 18/03/24 - - -
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 44,943 47,876 50,835
EBITDA 1 5,887 7,083 10,239 7,837 10,196 10,906 12,285 13,657
EBIT 1 4,004 4,999 8,218 6,051 7,720 8,743 10,130 11,502
Operating Margin 11.04% 13.32% 20.05% 14.91% 18.24% 19.45% 21.16% 22.63%
Earnings before Tax (EBT) 1 2,406 3,591 7,632 6,364 7,694 8,845 10,284 11,800
Net income 1 1,433 2,499 5,632 5,001 5,602 6,485 7,496 8,569
Net margin 3.95% 6.66% 13.74% 12.32% 13.24% 14.43% 15.66% 16.86%
EPS 2 0.4370 0.7757 1.731 1.543 1.728 2.002 2.313 2.653
Free Cash Flow 1 2,858 4,091 4,322 5,922 - 6,617 7,699 8,707
FCF margin 7.88% 10.9% 10.54% 14.59% - 14.72% 16.08% 17.13%
FCF Conversion (EBITDA) 48.54% 57.76% 42.21% 75.57% - 60.68% 62.67% 63.75%
FCF Conversion (Net income) 199.38% 163.69% 76.74% 118.43% - 102.04% 102.71% 101.61%
Dividend per Share 2 0.1804 0.3091 0.6954 0.6127 1.017 0.8770 1.012 1.160
Announcement Date 20/03/20 22/03/21 24/03/22 24/03/23 18/03/24 - - -
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 26,536 17,797 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 7,529 1,017 9,074 1,043
Operating Margin - 18.83% 6.49% 32.86% 2.54% 24.75% 0.65% 26.17% 5.07% 28.37% 5.71% 30.6% 5.93%
Earnings before Tax (EBT) 1 - - 212.4 - 275.1 6,101 291.3 6,795 826.2 7,470 863.6 8,821 985.6
Net income 1 - 2,328 17.9 5,153 363.5 4,398 624 5,053 547.9 5,626 587.9 6,681 528.1
Net margin - 11.94% 0.11% 21.85% 2.15% 18.09% 3.8% 19.68% 3.35% 21.2% 3.3% 22.53% 3.01%
EPS - - - - 0.1105 1.353 - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 20/03/20 19/08/20 22/03/21 18/08/21 24/03/22 17/08/22 24/03/23 18/08/23 18/03/24 - - - -
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 3,160 7,210 11,901
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 2,858 4,091 4,322 5,922 - 6,617 7,699 8,707
ROE (net income / shareholders' equity) 6.81% 10.2% 20.1% 16.9% - 18.5% 19% 19.4%
ROA (Net income/ Total Assets) 3.25% 4.91% 9.67% 8.02% - 8.26% 8.96% 9.56%
Assets 1 44,170 50,939 58,220 62,376 - 78,532 83,702 89,643
Book Value Per Share 2 6.620 7.800 9.250 9.520 10.10 11.10 12.70 13.80
Cash Flow per Share 2 1.380 1.650 1.890 2.410 - 2.950 3.130 3.370
Capex 1 1,633 1,248 1,804 1,897 - 2,607 2,529 2,640
Capex / Sales 4.5% 3.32% 4.4% 4.67% - 5.8% 5.28% 5.19%
Announcement Date 20/03/20 22/03/21 24/03/22 24/03/23 18/03/24 - - -
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
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
33
Last Close Price
28.15 HKD
Average target price
48.55 HKD
Spread / Average Target
+72.48%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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