The target price for the stock of China's fourth-largest beer maker, Harbin Brewery Group Ltd, climbed 11% to HK$3.10 after ABN AMRO upgraded its rating on the shares from “add” to "buy", partly on the base of strong sales in the third quarter. The fact that SABMiller had taken a 30% stake in Harbin was also a factor behind the upgrade, the bank said. Harbin reported robust third-quarter sales with margins recovering, ABN said. Beer volumes rose by 28% in the late summer, underpinned by strong sales of premium products.

10 October, 2003