More than 85 per cent of the profit growth over the next three years for Penfolds maker Treasury Wine Estates would have stemmed from its China business, says a Bank of America analyst, indicating the seriousness of the potential hit to the business from Beijing's anti-dumping investigation.

David Errington also says he is confident there is no case to answer on the anti-dumping allegations against the Penfolds brand in China because it is a high-margin business at the luxury end of the market.