Feb. 14 (Bloomberg) -- Kirin Holdings Co., Japan’s biggest beverage maker, had the biggest intraday drop in eight months after forecasting profit that missed analysts’ estimates.
The beer and drinks maker dropped as much as 8 percent, the biggest intraday decline since June 21, to 1,310 yen. Net income will probably fall 43 percent to 49 billion yen ($480 million) this year, Kirin said in a statement yesterday. That compares with the 60.6 billion yen average of 13 analysts’ estimates compiled by Bloomberg.
Kirin is looking overseas for growth in markets including Brazil, where it owns brewer Schincariol Participacoes e Representacoes, as a declining population in Japan drags down beverage demand. The company lost a foothold in Southeast Asia after it sold its stake in Singapore-based beverage maker Fraser & Neave Ltd. to Thai billionaire Charoen Sirivadhanabhakdi last year.
“The company’s targets are open to further downside risk, especially the targets for Brasil Kirin and for sales volume at the domestic alcoholic beverage business,” Satsuki Kawasaki and Taketo Yamate, analysts at Credit Suisse Group AG, wrote in a note to clients today.
The shares traded at 1,313 as of 10:05 a.m. in Tokyo.
To contact the reporter on this story: Yuki Yamaguchi in Tokyo at email@example.com
To contact the editor responsible for this story: Stephanie Wong at firstname.lastname@example.org