February 24, 2012

CNY effect is not small beer

Stock Name: GAB
Company Name: GUINNESS ANCHOR BHD
Research House: CIMBPrice Call: BUYTarget Price: 14.00



Target RM14.00

Guinness's 1HFY6/12 results were strong, thanks to pre-CNY loading which led to record volumes in December. Margins were also higher as a result of higher volume growth for the Guinness and Heineken
premium beers than the mainstream Tiger.


Source: CIMB Research 24 February 2012

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