Lyon: Resignation of CHINA RES BEER (00291) Chairman Affects Short-term Sentiment, Target Price at 30.4 Hong Kong Dollars

Lyon released a research report stating that CHINA RES BEER (00291) announced the resignation of Chairman Hou Xiaohai, confirming market speculation. Executive Director and CEO Zhao Chunwu will temporarily take over the chairman's duties, but the new successor still has uncertainties. The bank believes that there may be some pressure on short-term sentiment, but it is seen that the group's monthly sales since the beginning of the year still meet expectations, and the flagship brand Snow Beer still has double-digit year-on-year growth. The bank now has a target price of 30.4 Hong Kong dollars and a rating of "outperform" against the market.