HSBC: China Resources Beer's performance last year met expectations, maintains "buy" rating.

J.P. Morgan releases a research report stating that they expect the market to raise its profit forecast for China Resources Beer this year, mainly reflecting better-than-expected beer profit margins and strong sales momentum from the beginning of the year. The bank believes that catalysts for stock price reassessment include stabilizing operations in the liquor business and a clearer path to shareholder returns. They maintain a "overweight" rating with a target price of HK$38.