(Yicai Global) Nov. 16 -- Kweichow Moutai Co. [SHA:600519], the maker of a pricey liquor popular in China based in Southwest China's Guizhou province, hit an epoch-making high again this morning that lofted the company's valuation beyond CNY880 billion (USD132.64 billion).
Kweichow Moutai rocketed 3.5 percent to CNY712.5 per share in early trading to a new zenith, continuing a trend that has seen its share price more than doubling this year and spiraling upward over 30 percent in the past two months alone.
The company, which already claimed the distinction as the world's most-valuable distiller earlier this year, is also the most expensive stock in China's A-share market. Sichuan province-based Wuliangye Yibin Co. [SHE:000858], Kweichow Moutai's most inveterate rival, likewise attained a new pinnacle this morning, rising 2.6 percent to CNY76.76.
Goldman Sachs Group Inc. [NYSE:GS] raised Kweichow Moutai's target price to CNY881 per share yesterday, Bloomberg News reported. The investment bank has already raised its estimate for the firm 11 times this year.
Many Chinese financial institutions have also raised Kweichow Moutai's target price to over CNY800 recently. The company's hallmark product is a distilled mash of sorghum, rice, glutinous rice, wheat, millet and corn and its highest official price is CNY1,200 per bottle, but supply shortfalls and the investment incentive this engenders induce many to stock it, driving its price on secondary markets to up to CNY2,000, but this price, like its stock, seems set to keep on climbing, too.