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UBS lifts CR Beer (00291) to HK$36.43
UBS Global Research lifted its target price for 
China Resources Beer (CRB)(00291) to HK$36.43 from HK$28.47, and maintained its "buy"
rating.
  The research house said the beer price hikes since last December demonstrated Chinese
breweries' pursuit of profitability improvement, given disciplined supply and
premiumisation in Chinese beer consumption.
  The three national Chinese breweries' ASPs during 2007-17 undergrew the industry average
retail selling price (RSP) by 75% and China's food CPI by 29%, suggesting the price hikes
may not be a one-time event, UBS added. It raised its 2018/19 earnings estimates for CRB 
by 18%/16%, driven by higher ASP assumptions.

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