We Factor in Price Hikes and Raise Tsingtao’s FVE, But Shares Remain Overvalued
We raise our fair value estimate for narrow-moat Tsingtao Brewery by 6% to HKD 33.50 per H-share and 4% to CNY 27.50 per A-share, after taking into account higher revenue growth and time value of money. Like its major competitors, Tsingtao announced an increase to its selling prices in early January of about 5% in selected sales regions. We think the successful price hike will be able to offset the rising costs of raw materials and boost the company’s revenue in the long term. We revise up our f...
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