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00168 TSINGTAO BREW
RTNominal up41.900 +0.650 (+1.576%)
Others

11/12/2018 17:41

[I-bank focus]Morgan starts Tsingtao Brew (00168) at HK$35

[ET Net News Agency, 11 December 2018] Morgan Stanley initiated coverage on Tsingtao
Brewery (00168) with an "equal-weight" rating and a target price of HK$35.
The research house said Tsingtao is a domestic player in China with a deep-rooted
history. It was the #1 player in six provinces in 2017. Tsingtao positions itself as being
comparable to overseas brands with well-established brands in the premium segment.
Therefore, its products can be found in on-trade channels and are typically priced at a
30% premium against brands from domestic players.
Tsingtao H-share trades at 21x 2019 P/E. The company has the lowest valuation amongst
domestic players, which trade at 29x 2019 P/E on average. Morgan forecast Tsingtao will
deliver a recurring EPS CAGR of 13% in 2018-20. (KL)

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