Tsingtao’s 3Q Largely in Line With ASP Up 5.4%; Shares Are Fairly Valued
Narrow-moat Tsingtao Brewery’s third-quarter results were largely in line with our expectations, with revenue and net profit up 2% and 10.6% year on year, respectively. The result reaffirmed our positive view that the company will benefit from better product mix and price hikes amid the ongoing premiumization trend, while the volume growth remains stagnant. Meanwhile, the effective control on selling expense also helped the firm’s profitability. That said, we don’t expect to see its competitive ...
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