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China Brewers - Too early to cheer；downgrading CRB to Hold（Mark Yuan）Although we agree brewers’margins could ultimately expand after the expected industry consolidation，we think competition in the industry could intensify before this，given that the market is still fragmented from a provincial perspective.Meanwhile，our provincial analysis indicates that not all M&A create positive synergies.In 2017，rising raw material and logistics costs should also pressure margins.For CRB，we think the current valuation at 15x EV/EBITDA already factors in the benefits of M&A and industry margin expansion，while ignoring near-term margin pressure.We downgrade CRB to Hold.
20170809-DEUTSCHE_BANK-MADE_IN_CHINA：CHINA_BREWERS，DG_CRB_TO_HOLD；POST-RESULT.pdf
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