[ET Net News Agency, 12 September 2025] UBS lowered the target price for CR Beverage
(02460) to HKD11.7 from HKD18.03 and downgraded the rating to "neutral" from "buy".
The research house said it cuts 2025-27E earnings 39-44%, mainly due to a 22-23% cut in
water revenue, as it factors in lower ASP for packaged water segment and a 16-36% cut in
beverage revenue, given intensifying sector competition. (rc)