Japan: Nikko Citigroup upgraded Kirin Brewery to ‘buy’ from ‘neutral’

Nikko Citigroup lifted the stock rating on Kirin Brewery to top ‘buy’ from ‘neutral’ on three-rank scale. Brokerage likes Kirin's plan to acquire slightly more than 50% stake in wine maker Mercian, Dow Jones Newswires reported November 17. The two firms have strengths in different sales channels and a tie-up will allow Kirin to expand brand line-up and to round out its sales network, brokerage says, calling it "an ideal match." Kirin stock rating went up 3% at JPY1,595. Mercian bid-only stood at JPY307.

22 November, 2006