So how much do you know about the state of mind of Chinese cognac drinkers? And are you confident enough to back your view with cash? If the answers are “plenty” and “yes”, then go ahead and buy shares in Rémy Cointreau, which reported results on Tuesday. Exposure to China’s wealthier consumers has been a boon to Rémy, which specialises in high-end cognac. Profit growth has averaged 20 per cent for the past four years. That is better than rivals have managed, so Rémy’s shares, which were rated in line with Diageo and Pernod Ricard four years ago, now enjoy a premium. They trade on 23 times forecast earnings, against 18 times for the other two.
你對干邑白蘭地(cognac)的中國顧客的心態瞭解多少？你有沒有足夠信心用金錢押注自己的觀點？如果上述兩個問題的答案是「瞭解足夠多」和「是的」，那麼儘管去買人頭馬君度(Remy Cointreau)的股票吧，該公司週二公佈了業績報告。受中國的富裕消費者青睞，近年對人頭馬來說是一個福音，該集團專長於高階干邑。過去四年的平均利潤成長達到20%，勝過競爭對手，因此人頭馬的股價存在溢價，而四年前其估值與帝亞吉歐(Diageo)和保樂力加(Pernod Ricard)相仿。其預期本益比是23倍，而後兩者爲18倍。