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00168 TSINGTAO BREW
RTNominal down54.700 -1.100 (-1.971%)
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13/09/2018 09:32

[I-bank focus]Daiwa cuts Tsingtao Brewery (00168) to HK$35.2

[ET Net News Agency, 13 September 2018] Daiwa Research lowered its target price for
Tsingtao Brewery (00168) to HK$35.2 from HK$42.9, and maintained its "hold " rating.
The research house lowered its 2018-20 revenue and EPS forecasts by 3-4% and 1-11%,
respectively, for Tsingtao to reflect its weaker 1H results.
After cross-checking with other major listed China beer players, Daiwa said Tsingtao
showed the weakest ASP and EBITDA expansion pace in 1H, and the concern is that this trend
will continue into 2H and beyond.
It said Tsingtao's operating margin was flat YoY for 2Q at 8.7%. Daiwa believes it was
due to aggressive promotions by major foreign brands and Tsingtao's loss of market share
in the premium segment in China. (KL)

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