[ET Net News Agency, 19 August 2019] Goldman Sachs raised its target price for Tsingtao
Brewery (00168) to HK$60 from HK$54 and maintained its "buy" rating.
The research house said the company's focus on replacing the mainstream products with
Tsingtao's main brand and premium products should help its product mix. VAT cut benefits
will also have meaningful support to 2H's earnings growth.
Tsingtao surprised on the margin in 2Q with a combination of mix upgrades and VAT cut
benefits. Goldman estimated the VAT cuts contributed 15% of profits in 2Q and are likely
to continue into 2H. It revised up its 2019-21 EPS forecasts by 8-11% mainly to factor in
the higher gross profit margin from VAT cut benefits and the less-than-expected-cost rise
pressure. (KL)
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00168 TSINGTAO BREW
Nominal 
55.900 +1.300 (+2.381%) Research Report
19/08/2019 17:18
{I-bank focus}Goldman ups Tsingtao Brewery (00168) to HK$60
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