--- title: "\"Big Banks\" Bank of America Securities: The uncertainty of the goodwill impairment of CHINA RES BEER is eliminated, target price 35.6 yuan" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/278657548.md" description: "Bank of America Securities released a report stating that there is still uncertainty regarding the goodwill impairment issue of CHINA RES BEER, with a target price of 35.6 yuan. The firm believes that CHINA RES BEER's profit warning helps to alleviate market concerns and expects its core beer business to maintain healthy growth. Despite facing goodwill impairment risks, the non-cash impairment is expected not to affect dividends, with the payout ratio in 2025 projected to be higher than in 2024. Bank of America Securities maintains a \"Buy\" rating on CHINA RES BEER, believing that market share is still expanding and expects the stock price to rebound as short-term uncertainties are resolved" datetime: "2026-03-11T03:53:56.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278657548.md) - [en](https://longbridge.com/en/news/278657548.md) - [zh-HK](https://longbridge.com/zh-HK/news/278657548.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/278657548.md) | [English](https://longbridge.com/en/news/278657548.md) # "Big Banks" Bank of America Securities: The uncertainty of the goodwill impairment of CHINA RES BEER is eliminated, target price 35.6 yuan Bank of America Securities published a research report stating that concerns over potential goodwill impairment have been a significant source of uncertainty during the current downturn in the liquor industry over the past six months. The bank views China Resources Beer (00291.HK) issuing a profit warning as an event that alleviates these concerns. This impairment accounts for approximately 40% of the RMB 7 billion goodwill related to the company, which is larger than expected. Whether China Resources Beer will further recognize impairment in 2026 depends on the fundamentals of the liquor market. At least for now, the bank believes this amount has been included in conservative assumptions. China Resources Beer's core beer business remains healthy, with expectations that this segment's revenue and attributable net profit will grow in low single digits year-on-year and exceed 10% in 2025. Channel checks indicate that among the three major beer companies in China, China Resources Beer may be the only one to record positive sales growth from the beginning of 2026 to date. The bank expects that the non-cash impairment will not affect dividends, and the dividend payout ratio in 2025 will be higher than in 2024 (52%). Based on three key reasons, Bank of America Securities maintains a "Buy" rating on China Resources Beer with a target price of HKD 35.6: 1) China Resources Beer's market share continues to expand as it actively responds to channel fragmentation and diversified demand; 2) The stock has been a notable laggard in the Chinese consumer goods sector over the past six months, and with short-term uncertainties resolved, the stock price is expected to catch up; 3) Three catalysts are seen that could drive potential valuation reassessment in the second quarter, including a possible recovery in the dining channel, the second quarter being a peak season, and the World Cup in June. The bank plans to review its earnings forecast after the final results are announced ### 相關股票 - [CHINA RES BEER (00291.HK)](https://longbridge.com/zh-HK/quote/00291.HK.md) - [Penghua CSI Alcoholic Drink ETF (512690.CN)](https://longbridge.com/zh-HK/quote/512690.CN.md) ## 相關資訊與研究 - [Short Interest in China Resources Enterprise Ltd. (OTCMKTS:CRHKY) Declines By 82.1%](https://longbridge.com/zh-HK/news/278627282.md) - [Malakoff Unit Extends Power Purchase Deal with Tenaga Nasional](https://longbridge.com/zh-HK/news/278502339.md) - [ZJLD Group, Inc. (6979) Receives a Buy from Huachuang Securities](https://longbridge.com/zh-HK/news/278045023.md) - [China's Wanhua Chemical declares force majeure on supplies to Middle East](https://longbridge.com/zh-HK/news/278358100.md) - [14:15 ETHuawei gana ocho premios GLOMO en el MWC Barcelona 2026](https://longbridge.com/zh-HK/news/278156169.md)