Tsingtao’s 0.4% Volume Growth Falls Short of Our Forecast; FVE Remains at HKD 31.50 (CNY 26.50)
Narrow-moat Tsingtao Brewery’s third-quarter operating profits were better than our expectations, up 29% year on year to CNY 863 million, thanks to management’s effort at reducing marketing expenses. However, the firm’s 0.4% sales volume growth was below the beer industry’s 0.9% output volume growth and showed no increase in average selling price. We reiterate our long-term perspective that Tsingtao will grow at a slower pace than its major rival China Resources Snow Beer in the next five years ...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.
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