报告名称：Kweichow Moutai(600519)Off CL-Buy after strong performance stay Buy on growth ou
报告类型：点评报告
报告日期：2016-04-14
研究机构：高盛高华
股票名称：贵州茅台
股票代码：600519
页数：10
简介：We remove Kweichow Moutai from the Conviction Buy List post recent outperformance, but we maintain our Buy rating as we are still positive on the spirit sector recovery and Moutai’s competiveness in the high-end market. Since we added the stock to the Conviction List on Apr 3, 2014, the stock is +77%, vs. the SHSZ 300 index +51% in the same period.
We lower our 2016-20 EPS estimates by 4.0%-4.1% as we factor in a higher consumption tax rate on spirits. This leads to a 4% cut in our 12-month target price to Rmb271.81, implying 21X 2016E P/E.

下载地址：Kweichow Moutai(600519)Off CL-Buy after strong performance stay Buy on growth ou