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00168 TSINGTAO BREW
RTNominal down54.700 -1.100 (-1.971%)
Research Report

19/08/2019 10:11

{I-bank focus}Nomura restarts Tsingtao Brewery at HK$62.3

[ET Net News Agency, 19 August 2019] Nomura resumed coverage on Tsingtao Brewery
(00168) with a "buy" rating and a target price of HK$62.3.
The research house thinks Tsingtao's recent new strategy to focus on quality growth to
improve profitability is playing out well. Despite the historically weak execution, its
new management (came on board in June 2018) has demonstrated improving execution
capability.
Nomura believes Tsingtao will be a beneficiary of the premiumisation trend in China's
beer market given its strong brand equity and new strategy in place. It forecast a 6.2%
revenue CAGR and 22% core net profit CAGR in FY2019-21. (KL)

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