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Gold/Mining/Energy : Noble China (NMO) on TSE. Chinese Brewery Stock
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To: Ciao who wrote (207)11/7/1999 12:31:00 PM
From: M. Merriam  Read Replies (1) of 248
 
Some thoughts and observations regarding NMO's 3Q:

--China market for foreign premium beer is weakening; Noble is facing increased competition from local and foreign premium brand beers

--selling and marketing costs will be up, partly related to increased competition

--Noble Brewery's tax holiday ended last year, affecting comparison of net income with 3Q of 98.

Overall, I expect Noble Brewery's volume of beer sold to remain relatively flat, with net margins decreasing somewhat. I have no idea whether the contribution of the Northern Brewery will be negative or positive. NMO's per share figures will probably look good with decreased shares outstanding, but concern over fundamental operations might restrain the market price. That said, I personally like NMO's long-term prospects.

Comments anyone?

Mike
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