Tsingtao’s 7.4% Net Profit Increase In Line With Forecast; Raising FVE to HKD 31.50 on Time Value
We are raising our fair value estimate for Tsingtao Brewery to HKD 31.50 (from HKD 28.50) per H-share and CNY 26.50 (from CNY 25.00) per A-share, attributable to the time value of money. Narrow-moat Tsingtao’s first-half results were largely in line with our expectations, with revenue up 2.1% and net profit up 7.4% year on year. As we expected, beer industry volumes turned positive following stagnated beer consumption in recent years, due to favorable weather conditions in the first half. Tsingt...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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