Tsingtao's Slightly Better 1Q Result Not Enough to Raise FVE; Shares Remain Overvalued
We don’t intend to alter our fair value estimate for Tsingtao Brewery, although the firm’s first-quarter result exceeded our expectations. Better-than-expected revenue, up 2.6% from a year ago, was boosted by a 3% increase in sales volume. Meanwhile, net profit elevated 8.5% year on year to CNY 579 million, thanks to a 100-basis-point operating margin improvement, owing to better control on selling and distribution expenses. We saw Tsingtao’s business performance outpaced the Chinese beer indust...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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