Broker Name: DBS
Date of Report: (Date not explicitly stated; inferred to be post-January 2025 based on content)

Excerpt from DBS report.

Report Summary

• CR Beer issued a profit warning for FY25, expecting net profit to decline by 30–39% due to a significant goodwill impairment related to its baijiu business, Jinsha, but core profit remains broadly in line with expectations.
• The impairment is seen as largely adequate, and CR Beer’s core beer business is intact, with anticipated growth supported by strong off-trade channels and potential catalysts such as major sports events; DBS maintains a BUY rating with a target price of HKD38.00.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com