21 April, 2006

China: Deutsche Bank cuts Kingway Brewery target to HK$3.86

Deutsche Bank (DB) cuts Kingway Brewery (0124.HK) target price to HK$3.86 from HK$3.92 but maintains buy rating, Dow Jones Newswires posted on April 21.

The bank says it's "positive that its above-industry average growth would sustain through next few years via healthy beer sales growth in existing and new markets (in China)". Predicts FY06 net profit HK$227 million vs HK$198 million year earlier. Says risks for stock include strong competition, price wars, raw material costs hike. Stock down 0.8% at HK$3.25

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