[ET Net News Agency, 12 September 2025] UBS lowered the target price for CR Beverage  
(02460) to HKD11.7 from HKD18.03 and downgraded the rating to "neutral" from "buy". 
  The research house said it cuts 2025-27E earnings 39-44%, mainly due to a 22-23% cut in 
water revenue, as it factors in lower ASP for packaged water segment and a 16-36% cut in  
beverage revenue, given intensifying sector competition. (rc)