0291.HK - China Resources Beer (Holdings) Company Limited

HKSE - HKSE Delayed Price. Currency in HKD
39.850
-1.700 (-4.09%)
At close: 4:08PM HKT
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Previous Close41.550
Open42.550
Bid39.850 x 0
Ask39.900 x 0
Day's Range39.750 - 41.600
52 Week Range24.100 - 45.200
Volume6,241,670
Avg. Volume5,963,298
Market Cap125.645B
Beta (3Y Monthly)0.32
PE Ratio (TTM)116.66
EPS (TTM)0.342
Earnings DateAug 12, 2019 - Aug 17, 2019
Forward Dividend & Yield0.27 (0.65%)
Ex-Dividend Date2019-09-25
1y Target Est35.10
  • Estimating The Intrinsic Value Of China Resources Beer (Holdings) Company Limited (HKG:291)
    Simply Wall St.

    Estimating The Intrinsic Value Of China Resources Beer (Holdings) Company Limited (HKG:291)

    How far off is China Resources Beer (Holdings) Company Limited (HKG:291) from its intrinsic value? Using the most...

  • China Resources Beer (Holdings) Company Limited (HKG:291): Should The Recent Earnings Drop Worry You?
    Simply Wall St.

    China Resources Beer (Holdings) Company Limited (HKG:291): Should The Recent Earnings Drop Worry You?

    When China Resources Beer (Holdings) Company Limited's (SEHK:291) announced its latest earnings (30 June 2019), I...

  • Budweiser Owes Singapore's Wealth Fund a Drink
    Bloomberg

    Budweiser Owes Singapore's Wealth Fund a Drink

    (Bloomberg Opinion) -- The world’s biggest brewer should raise a glass to Singapore.Anheuser-Busch InBev NV can probably thank the city-state’s sovereign wealth fund for saving its Asian unit’s Hong Kong initial public offering from an ignominious second failure. GIC Pte committed to invest $1 billion in Budweiser Brewing Company APAC Ltd., which raised about $5 billion after pricing its shares at the bottom of a marketed range.In July, AB InBev pulled a $9.8 billion sale that would have been the world’s largest IPO this year after struggling to draw enough orders at the valuation sought. On that occasion, Budweiser Brewing eschewed the common Hong Kong practice of setting aside a block of stock for so-called cornerstone investors – companies, institutions or wealthy individuals that commit to invest and hold their shares for a minimum period, signaling confidence in a listing’s prospects to the wider public.A successful Budweiser Brewing offering in July would have dealt a blow to the cornerstone custom, as I observed then. Instead, it was the company that suffered. This time around, it went the conventional route.Just as well. Despite halving its fundraising target, the company failed to create much buzz. Its valuation again looks to have been ambitious. At the bottom of the price range, Budweiser Brewing was priced at 17 times estimated 2020 enterprise value to Ebitda. That compares with 18.5 times for China Resources Beer Holdings Co., maker of the country’s best-selling Snow brand. Arun George, an analyst who writes on Smartkarma, estimated Budweiser Brewing should trade at 16 times EV/Ebitda.After the collapse of the July IPO, AB InBev sold the unit’s Australian business for $11.3 billion to Asahi Group Holdings Ltd. That enabled bankers to pitch the pared-down business as a growth play focused more tightly on developing Asia, particularly China. AB InBev has 46.6% of the market of the market for premium and super-premium beer in China, more than triple the share of nearest rival Tsingtao Brewery Co. The share of 2018 Ebitda drawn from the company’s Asia Pacific West region – comprising China, India and Vietnam – rose to 72% from 50% after the Australian sale, according to Bernstein Research.However, that still leaves a substantial chunk of earnings contributed by a slower-growing Asia Pacific East region that includes South Korea, Japan and New Zealand. In that light, the support of a heavyweight investor such as GIC may have made the difference in getting Budweiser Brewing over the line.The irony of Singapore riding to the rescue won’t have been lost on Hong Kong Exchanges & Clearing Ltd. The rival Asian financial center stands to gain more than most from the political turmoil and U.S.-China trade tensions that have weighed on the Hong Kong stock exchange. A successful Budweiser Brewing listing may be critical in shoring up investor sentiment for a pipeline of IPOs to come that includes the lucrative secondary listing of Alibaba Group Holding Ltd.That still depends on how the stock performs once it starts trading, scheduled for Sept. 30. Keep the beer on ice until then.  To contact the author of this story: Nisha Gopalan at ngopalan3@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Bloomberg

    Who Wants to Pick Up a $50 Billion Beer Giant’s Bar Tab?

    (Bloomberg Opinion) -- This year’s biggest initial public offering since Uber is back on. Anheuser-Busch InBev NV is reviving plans for an IPO of Asian subsidiary Budweiser Brewing Company after the embarrassment of pulling the sale in July. The possible $5 billion listing has a better chance of success than last time, but investors still have a strong hand to push back on price.The deal failed last time for two reasons. Its sheer size – seeking to sell almost $10 billion of stock – fell foul of basic laws of supply and demand. If AB InBev had to find a lot of buyers, it didn’t make its life easy by attempting to sell the stock at an expensive multiple of expected earnings.The business is today smaller and more attractive. AB InBev wisely agreed to sell its low-growth Australian assets shortly before scrapping the listing. A clear majority of the Asian unit’s assets are now in fast-growing emerging markets, which makes a growth valuation is easier to justify. Meanwhile, the share prices of its listed peers have gone up. Moreover, AB InBev is cutting the offer size down. The supply-demand equation looks much easier to balance.This doesn’t change the fact that AB InBev needs this deal to happen, and has a vested interest in the shares performing well after they list. The Australian sale helps alleviate AB InBev’s very high debt burden, expected to fall to 3.5 times Ebitda by the end of next year from 4.8 times Ebitda at the last assessment. That also gives the company a bit of headroom to raise debt for acquisitions. Even so, the main advantage of an Asian listing remains the creation of a currency for doing deals. Its performance after listing will be crucial to that currency being acceptable, or a useful way of printing money.Shorn of Australia, the remaining business could deliver roughly $2.5 billion of Ebitda in 2020, according estimates from Bernstein research. Put that on 19 times, in line with Hong Kong-listed China Resources Beer Holdings Co. Ltd, and it suggests a trading value of around $50 billion, assuming negligible net debt.Investors need to be aware that the company’s growth ambitions are likely to involve more deal-making in region, which brings with it the risk of overpaying for already expensive assets, and botched integrations. On the long view, AB InBev’s acquisition strategy has delivered good returns for investors – twice those of the Stoxx Europe 600 index over the last decade. Even so, caution – and a reasonable discount – is warranted.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: Stephanie Baker at stebaker@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • What Kind Of Shareholders Own China Resources Beer (Holdings) Company Limited (HKG:291)?
    Simply Wall St.

    What Kind Of Shareholders Own China Resources Beer (Holdings) Company Limited (HKG:291)?

    A look at the shareholders of China Resources Beer (Holdings) Company Limited (HKG:291) can tell us which group is...

  • Is China Resources Beer (Holdings) Company Limited's (HKG:291) 6.5% ROE Better Than Average?
    Simply Wall St.

    Is China Resources Beer (Holdings) Company Limited's (HKG:291) 6.5% ROE Better Than Average?

    Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is...

  • China Resources Beer: Can it Capture the Premium Market?
    Motley Fool

    China Resources Beer: Can it Capture the Premium Market?

    The premium beer segment in China is fast-growing and highly profitable. Can China Resources Beer Holdings Co Ltd capture more of it?

  • Our Take On China Resources Beer (Holdings) Company Limited's (HKG:291) CEO Salary
    Simply Wall St.

    Our Take On China Resources Beer (Holdings) Company Limited's (HKG:291) CEO Salary

    Xiaohai Hou has been the CEO of China Resources Beer (Holdings) Company Limited (HKG:291) since 2016. This report...

  • Bloomberg

    Budweiser’s IPO Failure Would Be a Big Strategic Blow

    (Bloomberg Opinion) -- There’s a staring contest going on between Anheuser-Busch InBev NV and investors in initial public offerings. At issue is the price of the jumbo IPO of the Belgian brewer’s Asian business. Unfortunately for AB InBev, investors have the harder gaze.The deal is struggling to get priced, and its arrangers may revise the terms, Bloomberg News reported Friday. This is going to be a tense weekend – Monday is the deadline for the shares to be sold.It’s not hard to see why there’s a standoff. AB InBev knows that Budweiser Brewing Company APAC Ltd is an attractive asset. With an approximate $60 billion market value, it could be a large, liquid stock. It has a unique expansion story with strong organic growth supplemented by likely M&A. Hence AB InBev set a very punchy price range.But to get big deals done you have to entice enough buyers. And investors have one advantage: Their need to buy is less than AB InBev’s necessity to sell.While one benefit of the deal is that the proceeds would bring down the giant brewer’s leverage, this is not the main upside. Raising $8 billion to $10 billion is only going to dent net debt that stood at $103 billion on Dec. 31 (almost 5 times trailing Ebitda).The real bonus for AB InBev – as Duncan Fox of Bloomberg Intelligence says – would be securing an acquisition currency to do deals in Asia without potentially taking its leverage back up again. Net debt hit 6.7 times Ebitda after the 2016 purchase of SABMiller.AB InBev isn’t the only European brewer seeking Asian growth. Heineken NV is breathing down its neck with a partnership with China Resources Beer Holdings Co. and Carlsberg A/S has a thirst for the region too. There will be a real opportunity cost in failing to get the IPO away if AB InBev’s rivals are able to outbid it for attractive assets in the coming year.Of course, AB InBev isn’t totally constrained. It could yet turn to bond investors to fund further M&A. The debt markets are favorable – some of the Belgian company’s bonds are yielding even less than 1%. Still, gearing up is an unattractive option when leverage is already high.The number of global IPOs surged in the last three months, including in Asia, so it would look odd if this one doesn’t make it. Meanwhile, the brewer’s Asian staff expect to become part of a new separate company. Failure to get the deal done won’t help morale. Taken together, this puts the onus on AB InBev to get plan A away and secure the acquisition currency rather than fighting over the last cent of value here. And investors know it.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • All You Need To Know About China Resources Beer (Holdings) Company Limited's (HKG:291) Financial Health
    Simply Wall St.

    All You Need To Know About China Resources Beer (Holdings) Company Limited's (HKG:291) Financial Health

    China Resources Beer (Holdings) Company Limited (HKG:291), a large-cap worth HK$121b, comes to mind for investors...

  • Are Insiders Buying China Resources Beer (Holdings) Company Limited (HKG:291) Stock?
    Simply Wall St.

    Are Insiders Buying China Resources Beer (Holdings) Company Limited (HKG:291) Stock?

    We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly...

  • Budweiser’s Asian IPO Passes the Taste Test
    Bloomberg

    Budweiser’s Asian IPO Passes the Taste Test

    Budweiser Brewing Company APAC Ltd. filed on Friday to sell shares in Hong Kong, in what may be the city’s biggest initial public offering of the year. AB InBev is targeting a July listing for the unit that could raise at least $5 billion, Crystal Tse and Daniela Wei of Bloomberg News reported, citing people familiar with the matter. Partakers will get a share of a business that has a lock on the most lucrative segment of the world’s biggest beer market, China, as well as ranking first in its next two biggest markets: Australia and South Korea.

  • Did Business Growth Power China Resources Beer (Holdings)'s (HKG:291) Share Price Gain of 111%?
    Simply Wall St.

    Did Business Growth Power China Resources Beer (Holdings)'s (HKG:291) Share Price Gain of 111%?

    Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift...

  • Is China Resources Beer (Holdings) Company Limited (HKG:291) Potentially Undervalued?
    Simply Wall St.

    Is China Resources Beer (Holdings) Company Limited (HKG:291) Potentially Undervalued?

    China Resources Beer (Holdings) Company Limited (HKG:291) led the SEHK gainers with a relatively large price hike in the past couple of weeks. With many analysts cov...

  • Reuters

    China brewer Tsingtao annual profit rises 12.6 pct, matches forecast

    China's second-largest beer maker Tsingtao Brewery Co Ltd posted a 12.6 percent rise in 2018 net profit, helped by its efforts to control costs, prevent excess production, enhance product mix and boost efficiency. The iconic Chinese beer maker, which competes with larger local rival China Resources Beer (Holdings) Co Ltd, made a net profit of 1.42 billion yuan ($210.7 million) for the January to December period, versus 1.26 billion yuan a year earlier, the brewer said in a filing to the Hong Kong bourse late on Thursday. It was the highest profit since 2015 when it reported profit of 1.71 billion yuan.

  • Reuters

    BRIEF-China Resources Beer Holdings Co Ltd Posts FY Profit Attributable RMB977 Mln

    March 20 (Reuters) - China Resources Beer Holdings Co Ltd : * FY PROFIT ATTRIBUTABLE RMB 977 MILLION VERSUS RMB1,175 MILLION * FY TURNOVER RMB 31,867 MILLION VERSUS RMB29,732 MILLION * BOARD OF DIRECTORS ...

  • If You Had Bought China Resources Beer (Holdings) Stock Three Years Ago, You Could Pocket A 99% Gain Today
    Simply Wall St.

    If You Had Bought China Resources Beer (Holdings) Stock Three Years Ago, You Could Pocket A 99% Gain Today

    One simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive prices, your portfolio returns could exceed theRead More...

  • What Does China Resources Beer (Holdings) Company Limited’s (HKG:291) P/E Ratio Tell You?
    Simply Wall St.

    What Does China Resources Beer (Holdings) Company Limited’s (HKG:291) P/E Ratio Tell You?

    Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift card! The goal of this article is toRead More...

  • Has China Resources Beer (Holdings) Company Limited (HKG:291) Got Enough Cash?
    Simply Wall St.

    Has China Resources Beer (Holdings) Company Limited (HKG:291) Got Enough Cash?

    China Resources Beer (Holdings) Company Limited (HKG:291), a large-cap worth HK$89b, comes to mind for investors seeking a strong and reliable stock investment. Most investors favour these big stocks due Read More...

  • Reuters

    AB InBev considers partial IPO of Asian business -bankers

    BRUSSELS/HONG KONG (Reuters) - Anheuser-Busch InBev (ABI.BR), the world's largest brewer, is considering raising billions of dollars in a partial flotation of its Asian operations, two Asian banking sources said, in a deal that would help to ease its debt burden. The Belgium-based maker of Budweiser, Corona and Stella Artois has been discussing a possible multibillion-dollar listing in Hong Kong, one banker said on Friday. AB InBev declined to comment on the matter.

  • Have You Considered This Before Investing In China Resources Beer (Holdings) Company Limited (HKG:291)?
    Simply Wall St.

    Have You Considered This Before Investing In China Resources Beer (Holdings) Company Limited (HKG:291)?

    Two important questions to ask before you buy China Resources Beer (Holdings) Company Limited (HKG:291) is, how it makes money and how it spends its cash. This difference directly flows Read More...

  • Is China Resources Beer (Holdings) Company Limited’s (HKG:291) CEO Pay Justified?
    Simply Wall St.

    Is China Resources Beer (Holdings) Company Limited’s (HKG:291) CEO Pay Justified?

    Xiaohai Hou has been the CEO of China Resources Beer (Holdings) Company Limited (HKG:291) since 2016. First, this article will compare CEO compensation with compensation at other large companies. After Read More...

  • Reuters

    BRIEF-China Resources Beer Holdings Approved And Adopted A Dividend Policy On Nov 21

    Nov 21 (Reuters) - China Resources Beer Holdings Co Ltd : * BOARD HAS APPROVED AND ADOPTED A DIVIDEND POLICY ON NOV 21 * ANNUAL DIVIDEND TO BE DISTRIBUTED TO SHAREHOLDERS SHALL BE NOT LESS THAN 20% OF ...

  • Can We See Significant Institutional Ownership On The China Resources Beer (Holdings) Company Limited (HKG:291) Share Register?
    Simply Wall St.

    Can We See Significant Institutional Ownership On The China Resources Beer (Holdings) Company Limited (HKG:291) Share Register?

    Every investor in China Resources Beer (Holdings) Company Limited (HKG:291) should be aware of the most powerful shareholder groups. Institutions often own shares in more established companies, while it’s not Read More...