Japan: Kirin tops Asahi on the Tokyo Stock Exchange
Kirin Brewery shares closed higher than those of rival Asahi Breweries for the first time in 27 months on the Tokyo Stock Exchange on Wednesday, January 25, according to Asia Pulse/Nikkei.
Speculation that Kirin Brewery could take back the title of market leader for beer shipments from Asahi Breweries this year boosted the beer maker's stock price.
Kirin, Japan's second largest brewer, finished at 1,424 yen (US$12.32), down 16 yen on the previous day, compared with a 41-yen tumble to 1,421 yen for Asahi Breweries.
Since summer, Kirin stock has been on an upward trend. Thanks to strong sales of its third beer, Nodogoshi Nama, it is likely to post a record group operating profit for the fiscal year through December 2005, widening the gap in earnings with Asahi and Sapporo Holdings.
But the company "that will benefit from the economic turnaround will be Asahi, whose strength lies in selling beers at restaurants", pointed out Tokushi Yamazaki, analyst at Daiwa Institute of Research.
It remains unclear if Kirin's stock price will continue to rise largely because its price-earnings ratio is 27, which is considerably higher than Asahi's 17.
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