Tsingtao’s 2016 Earnings Were Lower Than Expected; Shares Remain Overvalued
Narrow-moat-rated Tsingtao Brewery’s 2016 earnings were worse than our expectations, with net profit declining 39% year on year to CNY 1.04 billion, owing to a supplemental income tax payment of CNY 339 million arising from the application of an expired preferential income tax rate. Excluding this one-off payment, Tsingtao’s net profit plunged 19% year on year to CNY 1.38 billion, 10% lower than our forecast. Fourth-quarter revenue, down 7.5% year on year, also fell short of our forecast and con...
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