China Resources Beer NDR Highlights

Goldman Sachs reiterates its Buy rating on China Resources Beer following an NDR that confirmed stable 2026 guidance and strong premium beer performance. While spirits remain a challenge, management is focused on margin expansion and maintaining a high dividend payout.

Key Takeaways

• 1.Management maintained the full year 2026 outlook for beer, including positive volume and ASP growth despite weather headwinds in 2Q.
• 2.Beer premiumization remains intact, with Heineken and sub-premium segments outperforming industry growth rates.
• 3.The spirits segment continues to face challenges, though management targets top-line and bottom-line stabilization for the year.

Table of Contents

• Price Target Risks and Methodology - China Resources Beer
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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