Morningstar - Tsingtao Brewery Co. Ltd. Class A (600600) Cutting 2018 Profit Forecast for Tsingtao, but FVE Raised to HKD 35 due to TVM; Shares Fairly Valued

Report

Morningstar

Allen Cheng

EUR 100.00 For Business Accounts Only

Cutting 2018 Profit Forecast for Tsingtao, but FVE Raised to HKD 35 due to TVM; Shares Fairly Valued

The Chinese beer market seemed to improve slightly in fourth-quarter 2018, as domestic production volume increased 2% year on year, compared with 0.3% growth for the first three quarters. However, we tweaked our revenue and operating profit forecasts for narrow-moat Tsingtao Brewery slightly to CNY 26.67 billion and CNY 1.41 billion, respectively, from CNY 26.93 billion and CNY 1.48 billion, as we lower our average selling price growth and gross margin projections because of intensifying competi...

12/03/2019 12 EN

Underlying

Tsingtao Brewery Co. Ltd. Class A

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.

See profile

CNE0000009Y3 Shanghai Stock Exchange China

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

See profile

Analysts

Allen Cheng

Other Reports on these Companies

UOB

China Consumwer Weekly: View of consumption fundamentals likely remains positive.

We attribute the stronger share price performance of baijiu names than peers to the market’s optimistic expectation on an economic and consumption recovery. We think the view of fundamentals likely remains positive although the share price performance could be diverse at the current stage. We attribute the relatively weak price performance of CTGDF to its limited tourism reception capacity, which will be effectively alleviated after its pipeline projects start operating. Maintain OVERWEIGHT on the consumer sector.

February 20, 2023 February 20, 2023 1 EN

SmartInsider

Tsingtao Brewery Co: 1 director

A director at Tsingtao Brewery Co sold 17,500 shares at 105.157CNY and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Free Trial

December 2, 2022 December 2, 2022 1 EN

Aequitas Research

ECM Weekly (5th June 2022)

Aequitas Research publishes weekly updates on the deals that have been covered by the team recently along with updates for upcoming IPOs in the past week.

EUR 115.98

June 7, 2022 June 7, 2022 1 EN

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

EUR 100.00

July 25, 2019 July 25, 2019 13 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Damien Conover

Damien Conover

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

EUR 100.00

July 25, 2019 July 25, 2019 14 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Cutting 2018 Profit Forecast for Tsingtao, but FVE Raised to HKD 35 due to TVM; Shares Fairly Valued

China Consumwer Weekly: View of consumption fundamentals likely remains positive.

Tsingtao Brewery Co: 1 director

ECM Weekly (5th June 2022)

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe