Tsingtao’s 2018 Results Largely in Line; Market Share Declines in Southern Regions Concerns Us
We maintain our fair value estimate of HKD 35 per H-share (CNY 30 per A-share) for narrow-moat Tsingtao Brewery, following its full-year 2018 results that were largely in line with our expectations. China’s beer volume consumption per capita will likely remain unchanged in the medium term, but we expect the growing premiumization trend will ignite beer sales growth. While we expect Tsingtao’s sales volume to grow at low-single-digit rates over the next five years, slightly higher than industry a...
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