Tsingtao’s 1H Profits Slightly Missed Due to Lower-Than-Expected ASP Increase
Narrow-moat Tsingtao Brewery posted moderate growth in the first half that slightly missed our forecast, with revenue and net profit up 0.6% and 13.4% year on year, respectively. Although the company’s 0.9% volume growth was higher than that of industry leader CR Beer, its average selling price increase of 4% was much lower than CR Beer’s 13% ASP hike. Gross margin deteriorated due to higher raw material costs, but the operating profit was down only by 10 basis points from the year-ago period, t...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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