Moutai's share price surge underlines the low correlation between Chinese and global equities amid the economically damaging coronavirus crisis. It also eases worries about financial health of Guizhou, the local government owner of the world's most valuable liquor maker.
"Despite the challenging environment during Covid19 outbreak, we think the company could still maintain robust growth momentum thanks to its strong bargaining power," Goldman Sachs wrote.In contrast, French spirits maker Pernod Ricard posted a 14.5% fall in sales during the quarter while Anheuser-Busch InBev suffered a 14% drop in core profit. London-based Diageo Plc has abandoned its annual forecast for sales and profit growth.
Moutai's stellar performance has also helped Guizhou, one of China's poorest provinces, even as rating agency S&P issued negative credit outlook on local government financing vehicles , citing weakening fiscal positions and record LGFV-fuelled borrowing to fund economic stimulus.
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