Tsingtao is a premium beer brand in China, but we expect competition to intensify.
Narrow-moat Tsingtao Brewery’s first-quarter 2018 results were broadly in line with our expectations, with revenue and net profit up 3% and 15% year on year, respectively. Gross margin and operating margin remained under pressure, dropping 90 and 50 basis points year on year, respectively, to 40.1% and 10.1%, given the positive impact of price hikes not fully factoring in during the quarter. Nevertheless, we believe the company’s growth momentum will gradually accelerate going forward, as its hi...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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