Consumer Staples, Financials, Technology Aug 02, 2021 09:03 AM (GMT+8) · EqualOcean
Guotai Junan Securities commented that in the middle of 2021, Guizhou Maotai reported that the performance met expectations, the quarterly fluctuation of tax subsided, the statements remained high-quality and maintained the overweight rating. Maintain the EPS of RMB 40.99, 47.51 and 54.65 from 2021 to 2023. Considering the operational stability of Maotai and the moat of high-end brands, 45xpe will be given in 2022, and the target price will be reduced to RMB 2138 (the previous value is RMB 2588.63).