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JAPAN: ING cuts brewers' ratings as price war intensifies

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ING announced today that it was reducing its ratings on Japan's second-and third-largest brewers, Kirin Brewery Co Ltd and Sapporo Breweries Ltd , a move sparked by the anticipated escalation of the Japanese beer price war.   The bank's analyst, Yuki Allyson Honjo, reduced the rating on Kirin to "reduce" from "buy", setting fair value at Y825. She said the price war on low-malt "happoshu", an inexpensive beer substitute, will make it difficult for it to achieve its targets.


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