Japan: Asahi Breweries "overweight," target price reduced. Results for May 2005
Analyst Taizo Demura of Morgan Stanley maintains his "overweight" rating on Asahi Breweries Ltd., Japan's largest beer maker (ABW.BER). The target price has been reduced from ¥1560 to ¥1520, Morgan Stanley said on June 13.
In a research note published this morning, the analyst mentions that the sales of the company's beer-taste products are improving, after declining by 12% y/y in 1Q. According to the analyst, Asahi Breweries' operating profit estimate for FY05 has been reduced from ¥102.5 billion to ¥100 billion. Morgan Stanley expects a possible earnings miss in FY05 to have a limited impact on the company's share price.
Asahi Breweries Ltd. have sold 193.547 million litres (15.288 million cases) of beer, happoshu (low-malt beer) and zasshu (no-malt beer) during May 2005, a 0.3% decrease versus May 2004. During May this year Asahi Breweries sold 134.41 million litres (10.62 million cases) of beer (-5.1%); 42.91 million litres (3.39 million cases) of happoshu (-18.4%) and 16.23 million litres (1.28 million cases) of zasshu. Sales of its flagship beer brand "Super Dry" decreased 5.9% in May 2005 compared to May last year.
In January-May 2005 Asahi Breweries shipped 859.56 million litres (67.90 million cases) of beer, happoshu (low-malt beer) and zasshu (no-malt beer), a 4.9% decrease versus the same period last year. During January-March this year Asahi Breweries sold 583.69 million litres of beer (-8.5%); 224.56 million litres of happoshu (-15.7%) and 51.31 million litres of zasshu.
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