World's richest liquor firm's new record [CNN]
Diageo plc (DEO)
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Source: CNN
China's first 1,000-yuan stock since 2005 is a liquor company Shares in Kweichow Moutai, a top Chinese distillery that produces the national baijiu spirit , traded at a new record high of 1,001 yuan ($145) on the Shanghai Stock Exchange on Thursday. It's the first Chinese company to hit the 1,000-yuan milestone since the country overhauled its stock market in 2005. The shares have been on a tear this year, surging 69% on the back of stronger than expected earnings. Kweichow Moutai is now worth 1.25 trillion yuan ($180 billion), making it the sixth most valuable company listed in China (behind three big banks, an insurer and the state oil company.) Kweichow Moutai reported in March that its net profit jumped 30% in 2018 to 35.2 billion yuan ($5.1 billion), beating market estimates. Revenue also increased 26%. Following the earnings, a number of analysts raised their target prices for the stock to above 1,000 yuan. In April, Goldman Sachs set a target price for Kweichow Moutai of 1,033
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