0505 GMT - Liquor producer Kweichow Moutai's 1Q revenue and earnings are likely to have risen 5%-6% from a year earlier despite industry-wide demand headwinds, Morningstar analyst Jennifer Song says in a note. The Chinese company is restructuring its product, pricing and channel strategies, which Song says should improve distributor inventory and cash flow while easing stocking risks. Song cuts Kweichow Moutai's 2026-2029 net profit forecasts by an average of 13% to reflect near-term challenges for premium products amid the restructuring, while keeping forecasts for the core Feitian Moutai segment largely intact. Morningstar also lowers its fair value estimate to 1,680.00 yuan from 1,780.00 yuan, noting that shares are undervalued, though its reforms are expected to strengthen pricing power and support long-term growth. Shares last traded at 1,411.87 yuan. (jason.chau@wsj.com)