Japan: Kirin Brewery "equal weight," target price reduced

Analyst Taizo Demura of Morgan Stanley maintains his "equal weight" rating on Kirin Brewery. The target price has been reduced from ¥1070 to ¥1030, Newratings posted on May 19.

In a research note dated May 12 and published on May 19, the analyst mentions that the company witnessed a 70% y/y decline in its operating profits in F1Q due to the sluggish performance of its parent company and Kirin Beverages. Kirin Brewery's sales volume of beer and beer-like beverages is likely to decline by 2.6% y/y in FY05, which is lower than the decline expected for the company’s peers, Morgan Stanley adds.

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