The question now for Kirin investors is how much downside there is until Kirin reports earnings in August. It's unlikely but Kirin could surprise to the upside. Also, it is still expected that Kirin could revise its full year financial projections which would probably provide a boost to its share price.
The Nikko-Citi downgrade mentioned in the title was focused primarily on the maturity of the domestic Japanese beer market and threat of new product introductions by rivals that will squeeze sales and profits. Nikko-Citi lowered its target share price for Kirin to 1,850 yen ($16.25) from 1,960 yen ($17.21).
Ordinary shares of Kirin (Tokyo: 2503) dropped 3.41% to close at 1,784 yen ($15.67). Kirin's depository receipts gained 2.55% yesterday to close at $16.10.
Click here for Kirin's upward revision of its interim forecasts.
Kirin Brewery (OTCPK:KNBWY) 1-year chart: