First Take: Tsingtao’s 4Q 2017 Results Were Below Expectations
Narrow-moat Tsingtao Brewery’s fourth-quarter 2017 results came in below our forecasts, with revenue declining 5.8% year on year to CNY 2.89 billion and operating losses worsening to CNY 929 million from CNY 677 million, owing to lower-than-expected gross margin and higher-than-expected operating expense ratio. Gross margin dropped 5.9 percentage points from the year-ago quarter to 25.4%, mainly attributable to rising raw material costs. Additionally, operating expense ratio surged 420 basis poi...Tsingtao Brewery is engaged in the production, sale and distribution of beer products, and domestic trade of beer. Through its subsidiaries, Co. is also engaged in investment holding; the manufacture and domestic trade of beverage and malt; pre-packaged of food operation; provision of accommodation and design services; indoor decoration; industrial equipment fixing; and import and export trade of beer.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.