EQUITIESFOOD & BEVERAGE
October 2018Why read this report
Looking for a compelling investment story in China’s
domestic consumer market Try baijiu.
The addressable market is growing and the price of
premium baijiu, the main profit driver, is rising. Valuations
look attractive, too.
We compare industry leaders on different metrics. We
have four Buys, with Moutai as our preferred pick.
With this report, Katharine Song assumes primary coverage of Kweichow Moutai and Wuliangye
on behalf of HSBC Qianhai Securities Limited.EQUITIES ● FOOD & BEVERAGE
October 2018
Good spirits: a toast to baijiu 4
Buying into the baijiu story 13
Company profiles 25
Kweichow Moutai(600519 CH) 26
Wuliangye (000858 CH) 38
Jiangsu Yanghe Brewery
(002304 CH) 49
Luzhou Laojiao (000568 CH) 64
Shanxi Xinghuacun Fen Wine
(600809 CH) 76
Swellfun (600779 CH) 88
Disclosure appendix 100
Disclaimer 103
Contents。。。以上简介无排版格式，详细内容请下载查看