China Resources Beer (Holdings) Co (HKSE:00291) Cyclically Adjusted PS Ratio : 2.79 (As of Apr. 28, 2024)

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What is China Resources Beer (Holdings) Co Cyclically Adjusted PS Ratio?

As of today (2024-04-28), China Resources Beer (Holdings) Co's current share price is HK$36.35. China Resources Beer (Holdings) Co's Cyclically Adjusted Revenue per Share for the fiscal year that ended in Dec23 was HK$13.01. China Resources Beer (Holdings) Co's Cyclically Adjusted PS Ratio for today is 2.79.

The historical rank and industry rank for China Resources Beer (Holdings) Co's Cyclically Adjusted PS Ratio or its related term are showing as below:

HKSE:00291' s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 0.34 Med: 1.07 Max: 3.57
Current: 2.79

During the past 13 years, China Resources Beer (Holdings) Co's highest Cyclically Adjusted PS Ratio was 3.57. The lowest was 0.34. And the median was 1.07.

HKSE:00291's Cyclically Adjusted PS Ratio is ranked worse than
63.86% of 166 companies
in the Beverages - Alcoholic industry
Industry Median: 1.765 vs HKSE:00291: 2.79

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

China Resources Beer (Holdings) Co's adjusted revenue per share data of for the fiscal year that ended in Dec23 was HK$13.126. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is HK$13.01 for the trailing ten years ended in Dec23.

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China Resources Beer (Holdings) Co Cyclically Adjusted PS Ratio Historical Data

The historical data trend for China Resources Beer (Holdings) Co's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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China Resources Beer (Holdings) Co Cyclically Adjusted PS Ratio Chart

China Resources Beer (Holdings) Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Cyclically Adjusted PS Ratio

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1.46

2.77

2.83

3.01

2.63

China Resources Beer (Holdings) Co Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Cyclically Adjusted PS Ratio	Get a 7-Day Free Trial															2.83	-	3.01	-	2.63

Competitive Comparison of China Resources Beer (Holdings) Co's Cyclically Adjusted PS Ratio

For the Beverages - Brewers subindustry, China Resources Beer (Holdings) Co's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

China Resources Beer (Holdings) Co's Cyclically Adjusted PS Ratio Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, China Resources Beer (Holdings) Co's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where China Resources Beer (Holdings) Co's Cyclically Adjusted PS Ratio falls into.

China Resources Beer (Holdings) Co Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

China Resources Beer (Holdings) Co's Cyclically Adjusted PS Ratio for today is calculated as

Cyclically Adjusted PS Ratio	=	Share Price	/	Cyclically Adjusted Revenue per Share
	=	36.35	/	13.01
	=	2.79

China Resources Beer (Holdings) Co's Cyclically Adjusted Revenue per Share for the fiscal year that ended in Dec23 is calculated as:

For example, China Resources Beer (Holdings) Co's adjusted Revenue per Share data for the fiscal year that ended in Dec23 was:

Adj_RevenuePerShare	=	Revenue per Share	/	CPI of Dec23 (Change)	*	Current CPI (Dec23)
	=	13.126	/	117.2957	*	117.2957
	=	13.126

Current CPI (Dec23) = 117.2957.

China Resources Beer (Holdings) Co Annual Data

	Revenue per Share	CPI	Adj_RevenuePerShare
201412	13.136	99.707	15.453
201512	12.691	102.015	14.592
201612	11.196	103.225	12.722
201712	10.860	104.984	12.134
201812	11.158	107.622	12.161
201912	11.384	110.700	12.062
202012	11.491	109.711	12.285
202112	12.601	112.349	13.156
202212	12.138	114.548	12.429
202312	13.126	117.296	13.126

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

China Resources Beer (Holdings) Co (HKSE:00291) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.

China Resources Beer (Holdings) Co Cyclically Adjusted PS Ratio Related Terms

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China Resources Beer (Holdings) Co (HKSE:00291) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » China Resources Beer (Holdings) Co Ltd (HKSE:00291) » Definitions » Cyclically Adjusted PS Ratio

Comparable Companies

Traded in Other Exchanges

CRHKY:USA CHK:Germany

Address

No. 26 Harbour Road, Room 2301 and 2310, 23rd Floor, China Resources Building, Wanchai, Hong Kong, HKG

Website

https://www.crbeer.com.hk

China Resources Beer, or CR Beer, was originally a conglomerate enterprise with operations across retail, beer, food and beverage sectors. In September 2015, the company disposed of all its non-beer businesses and became a pure beer producer. Through a series of mergers and acquisitions, the company retains its leadership position in China's beer industry. Amid the premiumization trend in the domestic beer market, CR beer acquired Heineken China in 2019, which allows CR Beer access to a premium international brand and also leverages its sophisticated distribution network to grow Heineken's sales and market share. CR Beer is now China's largest brewer, with a volume share of about 24%, versus 18% of Tsingtao and 16% of Budweiser APAC, based on Euromonitor data.

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